The Euro is trading at 1.0911 at the moment. The low has traded at 1.0854 while the high has traded at 1.0918. The Euro has gained support today as economic data released out of the region seems to have initiated a firmer appeal for the currency. The European Trade Balance beat expectations registering a larger surplus of 22.7 billion Euros. Earlier in the session, the French Government Budget Balance revealed a larger deficit than the previous month with -82.8 billion Euros recorded. Overall, the Dollar continues to be well supported despite easing a bit today versus the Euro and the Yen. With the price of Crude Oil hovering near to 12 year lows and concerns over the Chinese economy contributing to a global economic slowdown, the greenback continues to foster status as a safe haven currency as investors view it as a lower risk asset in the current economic climate. Looking ahead, there is critical US economic data to be released later this morning with US Retail Sales and US Industrial Production amongst the highlights. With this information, the markets will likely see another wave or two of directional interest as this data will give a clearer picture of future possibilities of the Fed to raise interest rates as the current US growth cycle evolves.
The British Pound is trading at 1.4342 at this writing. The low has traded at 1.4330 while the high has traded at 1.4427. The British Pound continues to hover near to five-and-a-half year lows versus the US Dollar this morning after seeing a selloff of the currency following lower than expected UK Construction Output which registered -0.5% when an uptick of 0.5% was expected. The Pound eased down to the low of the day before pulling back to trade here just above the lows. Pressure towards the downside continues to be felt by the Pound ahead of important US economic data out later this morning. As mentioned previously, expect another wave or two of directional interest following the release of these important US data points. This pending data is probably the reason for the cautious appeal of the market this morning. You can be certain that directional interest will follow the release of this information. The Fed will be tuned in as well as the information will signal how the US economy is progressing following the recent rate hike.
The Japanese Yen is trading at 117.26 at present. USD/JPY has traded at a low of 117.23 while the high has traded at 118.27. The Yen has firmed a bit versus the US Dollar as Asian investors have supported the Yen with concerns over the Chinese economic slowdown very prevalent in their minds. The US data out later may assist this trend if the data proves to be weaker than expected. There has been no significant Japanese economic data released today but Chinese economic concerns continue to persist.
AUD/USD is trading at 0.6882 with the low trading at 0.6864 and the high trading at 0.7002.
USD/CAD is trading at 1.4494 with the low being 1.4342 and the high being 1.4547.
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.