The Euro is trading at 1.1272 at the moment.  The low has traded at 1.1236 while the high has traded at 1.1285.  The Euro is trading just off of the high today as the currency has traded in a mixed fashion.  After touching the high earlier today, the Euro then eased lower to hit the low despite no European economic data released.  Once the European session began the Euro rallied once again to touch the high which appears to be a level of short-term resistance.  Subsequent data released this morning saw European Current Account lower than expected registering 25.4 billion Euros.  The Euro has therefore managed to appear contained at these levels following last Friday’s selloff where it was hinted by the ECB Chief Economist Peter Praet that interest rates in the Euro zone could go even lower.  This was an indication that the ECB still has options to use if more stimulus measures are needed in the future.  The Euro advanced last week following the Fed announcement where expected rate increases in the US were lowered from four to two.  This policy position is being taken as uncertainty within the global economy remains formidable despite modest growth in the US being complimented with consistent improvements in the US jobs sector.

The British Pound is trading at 1.4394 at this writing.  Sterling has traded at a low of 1.4374 while the high has traded at 1.4467.  Cable has sold off today following the shock resignation of senior minister and “Brexit” supporter Iain Duncan Smith tendered his resignation over the weekend.  Smith had reservations over the recent budget which in his estimate provided tax cuts for the wealthy while requiring sizeable reductions in disability benefits for those who are in need.  Initially, Smith’s resignation was thought to be related to his support for the “Brexit” campaign which is in favor of a UK exit from the EU.  UK economic data released earlier included the UK Rightmove HPI which was lower than the previous month with 1.3% recorded.  UK CBI Industrial Order Expectations were lower than expected with -14 registered.  This disappointing data has allowed the Pound to remain under pressure and it is currently poised just above the low for the day.  Later this morning, Prime Minister David Cameron is expected to comment on the resignation during time he is to update members of Parliament on the outcome of the recent EU summit.

The Japanese Yen is trading at 111.51 at present.  USD/JPY has traded at a low of 111.22 while the high has traded at 111.60.  The US Dollar has remained tightly range bound today with Japanese markets closed for a bank holiday today.  Investors have remained cautiously on the sidelines ahead of Japanese Manufacturing PMI and All Industries Activity data set for release tomorrow.  Japanese Finance Minister Taro Aso mentioned on Friday that he would be watching the movement of the foreign exchange market raising interest of possible BOJ intervention recently.

AUD/USD is trading at 0.7604 with the low trading at 0.7569 and the high trading at 0.7627.
USD/CAD is trading at 1.3052 with the low trading at 1.2993 and the high trading at 1.3092.
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.