The Euro is trading at 1.0981 at the moment. The low has traded at 1.0928 while the high has traded at 1.0990. The Euro is trading near to the top of the trading range ahead of the vitally important February US jobs report due out later this morning. The Euro found support yesterday after US data did little to inspire the Dollar. Disappointing US Factory Orders of 1.6% were one of the biggest contributors to the softness seen by the US Dollar. This and other weak data released left investors concerned over the strength of the US economy. The importance of the US jobs report expected out later this morning is going to set the tone for the financial markets today as the trading week winds to a close. Of course any information that results in a net positive such as a lowering of the US Unemployment Rate or a Non-Farm Payroll number that beats expectations will likely result I a stronger US Dollar overall. More importantly, the chances for a Fed rate hike at some point in the future will improve with a net positive report. This will raise optimism for the US economy and its chances for continued consistent economic growth in the region. In data out of Europe earlier today, European Retail PMI was 50.1 which is better than the previous month’s release. This has given the Euro its tiny boost this morning.
The British Pound is trading at 1.4154 at this writing. Sterling has traded at a low of 1.4122 while the high has traded at 1.4179. Cable has eased back from its high which traded during the Asian session. There has been no significant economic data released out of the UK today. As a result, investors will hone their focus on the US jobs report out of the US later this morning. This report will set the tone of the financial markets in trading as the week concludes. Investors will be looking to see if this data raises the chances for another Fed rate hike at some point in the future. Recent data has caused investors to become less optimistic for another Fed rate hike in the near term. However, Favorable data here could bolster the chances for the Fed to act sooner. With the Pound increasingly under pressure as we approach the referendum that is to be held on June 23, the Dollar has gained in support with signs that the US economy continually forges ahead growing modestly at the same time.
The Japanese Yen is trading at 113.73 at present. USD/JPY has traded at a low of 113.23 while the high has traded at 113.96. USD/JPY has gained after the release of the Japanese economic data that put out during the Asian session today. Japanese Average Cash Earnings beat expectations registering 0.4%. USD/JPY traded at the low following the release of this data where it found support and proceeded to move higher with critical US jobs data next on the agenda. At the moment, USD/JPY is poised near the top of the range in anticipation of an encouraging set of US jobs numbers for the Dollar. In addition to the US jobs numbers, an updated US Trade Balance number will also be released. Although this number is important, the focus will be predominantly drawn towards the jobs figures.
AUD/USD is trading at 0.7393 with the low trading at 0.7339 while the high has traded at 0.7395.
USD/CAD is trading at 1.3425 with the low trading at 1.3401 while the high has traded at 1.3452.
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.