The Euro is trading at 1.0593 at this writing. The low has traded at 1.0579 while the high has traded at 1.0689. The Euro has softened versus the US Dollar this morning. This rally of the Dollar is in response to better than expected GDP numbers released yesterday which revealed GDP grew at a rate of 2.1% in the third quarter of this year. This data will help to raise expectations that the Fed will hike rates at their December meeting. Earlier today, Italian Retail Sales disappointed by registering -0.1% which is the only European economic data of note that has been released today. Later this morning there will be a host of US economic data being released. This data will definitely have an impact on the directional movement of the US Dollar ahead of the Thanksgiving holiday in the US tomorrow. Investors will be looking for positive data which will further confirm expectations for a Fed interest rate hike next month. The Dollar will likely continue to strengthen and remains poised to do just that ahead of the data releases which will take place soon. Additionally, it is important to note that the trading day will likely see volumes reduced as we head towards the afternoon as preparations for the US holiday will be well underway. This is one of the busiest traveling periods in the US.
The British Pound is trading at 1.5057 which is the low of the day at the moment. Sterling has traded at a high of 1.5114 earlier today. Cable has continued to remain under pressure today with little UK data released and anticipation of a host of favorable US data expected. BBA Mortgage Approvals were released out of the UK earlier with 45.4K recorded. This number is slightly lower than expectations. In contrast, the US will have updated Durable Goods, Personal Income and Spending, and New Home Sales data amongst the host of critical numbers that will be released later this morning. The Dollar has already started to rally in anticipation that the numbers today will confirm widely held sentiment for a rate hike from the Fed following their FOMC meeting next month. Looking ahead, there is not much more UK economic data to be released this week. However, there will be the release of Second Estimate UK GDP released on Friday as one of the few highlights.
The Japanese Yen is trading at 122.65 presently. USD/JPY has traded as low as 122.25 while the high has traded at 122.74. The Yen is holding on to small gains it attained yesterday. However, with the US soon to release a broad spectrum of critical US data, these gains may be reversed if the US data is favorable for the Dollar. During the Asian session, Japanese SPPI was 0.5% which is slightly lower than expected. This data had little impact on the directional movement of the Yen as investors remained focused on the critical US data that will be released later this morning. Friday morning will see the release of a host of critical Japanese data which will definitely help to clarify the state of the economy in Japan. Investors will be looking for signs of growth following recent declines in the past 2 months.
AUD/USD is trading at 0.7243 with the low trading at 0.7239 and the high trading at 0.7283.
USD/CAD is trading at 1.3311 with the low being 1.3279 and the high being 1.3326.
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.
SGT Markets – Forex Broker