The Euro is trading at 1.0916 at the moment. The low has traded at 1.0883 while the high has traded at 1.0923. The Euro has firmed a bit today after solid data out of Europe encouraged support. The Spanish Unemployment Change revealed 57.2K beating expectations. This was followed by the German Unemployment change which also beat expectations with -20K. Unfortunately, the Italian Monthly Unemployment Rate grew to 11.4%. However, the Euro returned to favor after the European Unemployment Rate Improved to 10.4%. The rally met headwinds after European PPI was worse than expected with -0.8%. The Euro remains poised to push further towards the upside and may challenge the current high once the US data is released this morning. Looking ahead to tomorrow, there will be a host of European Services PMI data that will be released which could offer even more support to the Euro which has performed solidly over the past few trading sessions since the start of this week. The updated European jobs data has reinforced the recent support shown for the Euro and this is expected to continue after the European numbers are released tomorrow.
The British Pound is trading at 1.4417 at this writing. Sterling has traded at a low of 1.4326 while the high has traded at 1.4447. Cable has seen a nice rally earlier today before dour UK Construction PMI data reversed gains to cause the Pound to fall to its low of the day. UK Construction PMI was lower than expected registering 55.0 when 57.6 was anticipated. With global headwinds also having an effect on growth potential in the UK, this data only helped to solidify the uncertainty the UK economy is seeing. With UK interest rates expected to remain unchanged at current lows following Thursday’s up and coming Monetary Policy Summary by the Bank of England, the focus will be intently directed towards what headwinds the central bank is wary of. Inflation remains lower than expected and the coming referendum on EU membership will add to the feeling of caution. Investors will be anticipating how UK Services PMI data out tomorrow will impact the Pound ahead of the BoE taking center stage on Thursday.
The Japanese Yen is trading at 120.83 at present. USD/JPY has traded at a low of 120.36 while the high has traded at 121.04. The USD/JPY fell to its low of the day during the European session with lower oil prices having an impact on the market. The Dollar has been under pressure from its major peers as the currencies have fostered good support as investors leave the safe status of holding the Dollar. Additionally, the Japanese Monetary Base beat expectations with28.9% to further encourage support for the Yen today.
AUD/USD is trading at 0.7053 with the low trading at 0.7039 while the high traded at 0.7129. The Reserve Bank of Australia kept interest rates unchanged today but hinted at future easing possibilities.
USD/CAD is trading at 1.3989 with the low trading at 1.3934 and the high trading at 1.4039.
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.