The Euro is trading at 1.1243 at the moment.  The low has been 1.1199 while the high has been 1.1285.  Despite pushing to the high of the day earlier this morning, the Euro is trading mixed today with several European countries off celebrating May Day.  The Euro has continued to press higher as the market comes to terms with the fact that the Fed is likely to put off raising rates until more consistent growth takes place in all facets of the US economy.  For the Fed, this action is more likely to take place towards the end of the year.  With this realization, the Euro has continued to firm despite Europe having its own geopolitical hurdle with the Greek debt debacle.  The thing that the markets move to is consideration for the situation that requires the most immediate reaction from its central bank.  At the moment, the Fed has been in the focus more.  But you can be sure the Europe will have its turn in the spotlight once Greece debt payments are due.  Leading up to this, the Euro is the currency that softens as a result of the uncertainty.   Both of these topics are headlining the market action at the moment.

The British Pound is trading at 1.5289 at present.  Sterling has traded as low as 1.5267 while the high has been 1.5397.  UK Manufacturing PMI was lower than expected posting 51.9.  This piece of economic data has had the greatest effect on the Pound softening today.  Additionally, UK Net Lending to Individuals beat expectations registering 3.1 billion Pounds.  UK M4 Money Supply is 0.3% beating expectations while UK Mortgage Approvals is 61K which is lower than expected.  Overall, the US Dollar has taken back a good deal of the gains made since this week Tuesday with mixed data out of the UK encouraging the selloff of the Pound.  Next week Monday, the UK is off on a Bank Holiday which may add to the softening trend.

The Japanese Yen is trading at 119.76 currently.  USD/JPY has traded as low as 119.38 while the high has been 119.87.  There was quite a bit of Japanese economic data today.  The Japanese Unemployment Rate improved to 3.4% beating expectations for it to remain unchanged at 3.5%.  Japanese Household Spending was -10.6% which was better than expected despite being a negative number.  Tokyo Core CPI was slightly worse than expected with 0.4% while Japanese National Core CPI showed improvement with 2.2% recorded.  Japanese Average Cash Earnings returned 0.1% which was lower than expected while Japanese Final Manufacturing PMI showed a slight improvement to 49.9.  The US Dollar firmed on the back of this data and remains poised towards the upside.  With US Manufacturing data out later this morning, the existing range may come under pressure following the numbers with positive data likely to see the Dollar rally while anything negative will see the Dollar ease.

AUD/USD is trading at 0.7869 with the low being 0.7863 while the high has been 0.7918.

USD/CAD is trading at 1.2117 with the low being 1.2062 while the high has been 1.2121.

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This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.