The Euro is trading at 1.0826 at the moment.  The low has traded at 1.0805 while the high has traded at 1.0861.  The Euro continues to hold a softer tone with the Dollar maintaining its attraction as a safe haven currency.  This has happened following China’s USD-Denominated Trade Balance which beat expectations recording a surplus of 60.1 billion Dollars in addition to the official Chinese Trade Balance which beat expectations with 382 billion Yuan recorded.  This information helped to ease concerns about a significant slowdown taking place in China and allowed the Yuan to stabilize.  More recently this morning, French CPI beat expectations with 0.2% registered while European Industrial Production was lower than expected with -0.7% recorded.  This data allowed the US Dollar to attract a bit more support but temporarily pushed fears of a Chinese slowdown towards the backburner.  The Euro however remains under pressure near to its lows of the day as investors look ahead to the US economic data that will be released later this morning which will include US Crude Oil Inventories.  The price of Oil continues to hover near recent lows as downside pressure remains with excess supply outweighing demand.

The British Pound is trading at 1.4429 at this writing.  Sterling has traded as low as 1.44.18 with the high trading at 1.4476.  There has been no significant UK economic data released today.  Yet the Pound is trading near to its lows of the day as investors direct their support towards the US Dollar which has maintained a firmer tone since the concerns of a Chinese economic slowdown began to surface.  Additionally, Investors will be focusing their attention on the critical data that will be released in the UK tomorrow along with an updated Monetary Policy Statement and a summary of the recent round of voting by the MPC committee.  The mandate that has been instituted to keep interest rates in the UK low for an extended period will likely remain intact.  However there could be a small adjustment to the forward guidance which investors will do well to consider.  In the meantime, the Pound absorbs pressure enhanced by the dominance of the US Dollar.

The Japanese Yen is trading at 118.30 at present.  USD/JPY has traded at a low of 117.64 while the high has traded at 118.38.  Japanese M2 Money Stock was lower than expected posting 3.0%.  This is the only Japanese economic data of significance that has been released today.  Collectively the US dollar has firmed across the board against its major peers.  This can be directly attributed to a sense of ease regarding the recently released Chinese data that helped to allay fears of an impending slowdown of the Chinese economy.  Though still not out of the woods, the Chinese economy still shows signs of growth although not as robust a situation as it once was.  Investors will be looking for more signs that support today’s data in the near future.
AUD/USD is trading at 0.7024 with the low being 0.6974 while the high has been 0.7049.
USD/CAD is trading at 1.4221 with the low trading at 1.4187 and the high trading at 1.4275.
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.