The Euro is trading at 1.0868 at this writing. The low has traded at 1.0856 while the high has traded at 1.0893. The Euro remains under pressure despite a host of European data that was released today. Spanish Manufacturing PMI was lower than expected with 54.1 registered while French Manufacturing PMI was also slightly lower than expected with 50.2 recorded. Both European and German Final Manufacturing PMI were better than expected with 51.2 and 50.5 respectively. Italian Manufacturing PMI met expectations with 52.2 recorded. The European Unemployment rate improved to 10.3%. However, the Italian Unemployment Rate worsened to 11.5%. Meanwhile, the German Unemployment Change met expectations with -10K recorded. After the release of these European numbers, the Euro finds itself still near to the low of the daily range. Overall, there is little positive information out to encourage support for the Euro at the moment. Tomorrow has even less European economic data scheduled for release. In the meantime, investors will be waiting for the US economic data that is to be released later this morning for directional opportunities in relation to the Euro.
The British Pound is trading at 1.3979 at the moment. Sterling has traded at a low of 1.3908 while the high has traded at 1.4019. With UK Manufacturing PMI lower than anticipated recording 50.8, the Pound appears to have found sympathetic support lifting the currency to its current levels just off of the high of the day. This Manufacturing PMI number is close to a three-year low which is the lowest it has been since April 2013. With UK economic data limited, investors will be focusing on the US economic data expected for release later this morning which will include the latest Manufacturing PMI and Construction Spending numbers. Investors remain very cautious as the elephant in the room remains the coming UK referendum vote on June 23 that will decide if the UK will continue as a member of the EU. Although we are more than 3 months away from the voting date, the markets will remain on edge as date approaches with advocates both for and against continued EU membership making spirited declarations in favor of their positions. The downside pressure the Pound is under at the moment is the result of this growing uncertainty in the market.
The Japanese Yen is trading at 113.12 at present. USD/JPY has traded at a low of 112.16 while the high has traded at 113.34. The US Dollar has recovered some of the ground it recently lost to the Yen following the release of Japanese Final Manufacturing PMI which was lower than expected with 50.1 recorded. In conjunction with disappointing Chinese Manufacturing PMI numbers, The Yen has pared back recent advances. Additionally, both Japanese Household spending and Capital Spending were both lower than expected with -3.1% and 8.5% respectively recorded. Conversely, the Japanese Unemployment Rate improved to 3.2% which was the highlight of the data from out of the region.
AUD/USD is trading at 0.7154 with the low trading at 0.7109 and the high trading at 0.7192.
USD/CAD is trading at 1.3518 with the low trading at 1.3480 and the high trading at 1.3551.
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.