The Euro is trading at 1.0900 at the moment.  The low has traded at 1.0897 which is 3 pips lower than the current level.  The high has traded at 1.0975.  The Dollar lost ground to the Euro earlier in the day as support waned with crude oil falling below $28 to its lowest levels since 2003.  With the Yen seeing investors placing support there, the US Dollar lost some of its status as the safe haven currency of choice.  European economic data released today was quite limited in scope with German PPI registering -0.5%.  This data point is the only significant economic numbers released in the region today.  However, the Euro found good support during the Asian session to rally up to its high of the day before easing back and touching its lows just recently as Europe approaches midday.  Attention now shifts to the ECB Rate Announcement tomorrow which is likely to see European interest rates remain unchanged.  Investors will be waiting to see if the central bank adds any further stimulus measures to ensure continued growth in the region especially with strong headwinds being foreseen as the Chinese economy continues to slow down.  As a result, downside pressure on the Euro continues to persist with European growth becoming more challenging.

The British Pound is trading at 1.4176 at present.  Sterling has traded as low as 1.4125 while the high has traded at 14196.  Cable continues to reveal downside pressure causing the currency to lose value versus the US Dollar.  Despite mixed UK jobs data, the slide of the Pound has continued and touched a 7-year low earlier today.  UK Average Earnings was slightly lower than expected with 2.0% recorded.  The UK Unemployment Rate moved lower to 5.1% while the UK Claimant Count Change was better than expected registering -4.3K.  When the jobs data is analyzed in detail investors observe that wage growth remains quite soft giving reason for the Bank of England’s objective of keeping interest rates at the low for an extended period.  With the release of this UK data today, there remains just one more scheduled piece of UK economic data due out for the rest of this week.  It is doubtful that this information will stave off the downside pressure that the Pound is currently under.

The Japanese Yen is trading at 116.76 at this writing.  USD/JPY has traded at a low of 115.97 while the high has traded at 117.68.  The Yen has enjoyed a good rally versus the US Dollar today as investors looking for a safe haven investment saw the Yen as a perfect partner.  Continued concerns over the slowdown of the Chinese economy in conjunction with crude oil prices touching their lowest levels since 2003 encouraged investors to pursue refuge in the Yen as the Japanese economy appears to be stabilizing and may have potential for growth as the year progresses.  Today’s rally is especially notable as there was no Japanese economic data released to enhance the attraction of the Yen.  It will be interesting to see what the Japanese data that is due out does to enhance or stall this rally.

AUD/USD is trading at 0.6878 with the low being 0.6828 and the high being 0.6924.

USD/CAD is trading at 1.4626 with the low trading at 1.4551 and the high trading at 1.4690.

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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.