The Euro is trading at 1.1189 at the moment.  The low has traded at 1.1074 while the high has traded at 1.1239.  The Euro has taken good support as investors worry about the chances for future rate increases in the US.  As chances for a global economic slowdown weigh heavily on all financial markets, the US Dollar felt the pullback with its major peers benefitting as a result of these growing concerns.  The equity markets positively responded to such optimism.  However, the US Dollar retreated.  European Retail PMI was slightly lower than the previous month recording 48.9 as the Euro continued to make gains today.  These gains by the Euro continued through the Bank of England announcement which saw UK interest rates remain unchanged.  Growth forecasts in the UK were pared back as a result of recently observed global headwinds which are continuing to raise doubts that previous economic targets can be reached in the near term.  US growth is also in the spotlight as doubts over previous growth targets being reached are weighing heavily on the value of the US Dollar.  As seen in today’s movement, the value of the Dollar is being challenged and these considerations for US growth are causing it.

The British Pound is trading at 1.4601 at this writing.  Sterling has traded as low as 1.4529 while the high has traded at 1.4668.  The Bank of England voted to leave UK interest rates unchanged confirming their initiative to leave interest rates at the low for an extended period.  As part of its forward guidance, the Bank of England lowered its growth forecast for the UK economy as global headwinds continue to make growth difficult.  Cable continued where it left off yesterday eventually pushing on to touch its high before retreating.  The pullback which began before the rate announcement saw the Pound trade at the low before rallying to current levels.  Investors will now be looking ahead to the US jobs data that will be released tomorrow.  This information will be heavily analyzed as investors look for continued growth as evidenced by improving economic data out of the region.  Earlier in the European session, the UK Halifax HPI beat expectations registering 1.7%.  This is the information that enhanced the earlier rally of the Pound.

The Japanese Yen is trading at 117.03 at present.  USD/JPY has traded at a low of 116.72 while the high has traded at 118.24.  The US Dollar continues to feel downside pressure as concerns over growth in the US are causing investors to reassess when the Fed will make more rate hikes.  Future rate hikes are likely to be data dependent with the Fed expected to show restraint when it comes to making additional rate hikes.  There has been no Japanese data of significance released today.  However, with the Dollar facing pressure from its major peers, the Yen reached new highs as the Dollar yielded all of the gains it had made since the Bank of Japan made its negative interest rate policy.

AUD/USD is trading at 0.7232 with the low trading at 0.7153 and the high trading at 0.7243.

USD/CAD is trading at 1.3657 with the low trading at 1.3639 and the high trading at 1.3797.


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.