The Euro is trading at 1.1280 at this writing. The low has traded at 1.1246 while the high has traded at 1.1297. The Euro has traded near its high of the day recently despite remaining range bound for most of the day. With the US Dollar trading reasonably consistent since making some good gains earlier this week, investors still show signs of using caution as important US economic data will be released later this morning. Earlier today, the European Trade Balance was lower than expected registering 20.2 billion Euros when 21.9 billion Euros was anticipated. Additionally, the Italian Trade Balance is better than expected revealing 3.86 billion Euros while 2.33 billion Euros was anticipated. The recent support for the US Dollar is being challenged by a bit of downside pressure ahead of the US economic data that will be released later. There is also a little less focus on the chances of an economic slowdown taking place in China after recent positive data being released in the region. Next week will offer an updated ECB interest rate policy and fresh updates on where the central bank sees the European economy headed in the short term.
The British Pound is trading at 1.4177 at the moment. Sterling has traded at a low of 1.4132 while the high has traded at 1.4204. The Pound has recovered a bit of the ground it recently gave up to the US Dollar which strengthened earlier in the week against most of the major currencies. In UK economic data released today, UK Construction Output was lower than expected recording -0.3%. In trading, the Pound recently traded at the high of the day before easing back to current levels. Brexit issues remain a real concern for the UK as the referendum date approaches. The Bank of England left interest rates unchanged in its latest Monetary Policy update made yesterday. The UK economy is likely to face more pressing decisions in regards to the referendum as the June 23 date approaches. One thing that is certain is that the lines have been drawn with the current UK Prime Minister, Mr Cameron, a confirmed supporter of the UK maintaining their current EU membership. It is his belief the UK faces a host of challenges that will be that will be magnified even greater should Britain choose to leave the EU.
The Japanese Yen is trading at 108.90 at present. USD/JPY has traded at a low of 108.80 while the high has traded at 109.73. The US Dollar has eased today as worries of a Chinese economic slowdown have also waned. Since trading at the high this morning in the Asian session, the Dollar has progressively eased and currently trades just above its low of the day. Japanese Revised Industrial Production is better than expected with -5.2%. This enhanced the Yen’s rally and sees the Dollar give back a good deal of its recent gains. Chinese data released today was also supportive of a stronger Yen with much of the data meeting or exceeding expectations. This helps ease concerns of an economic slowdown in China which weighted on financial markets like an anchor.
AUD/USD is trading at 0.7690 with the low trading at 0.7680 and the high trading at 0.7735.
USD/CAD is trading at 1.2892 with the low trading at 1.2796 and the high trading at 1.2896.
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.