The Euro is trading at 1.0755 at the moment.  The low has been 1.0729 while the high has been 1.0788.  The Euro has softened a little bit more this morning versus the US Dollar.  European data released today did not provide much support to a strengthening US Dollar today.  German Industrial Production was slightly better than expected posting 0.2% while the German Trade Balance revealed a deficit of 19.7 billion Euros which was worse than expected.  This data did little to halt the progress of the US Dollar today with recent movement seeing the Euro find support at the current low and retrace a bit.  Traders currently await the release of the Bank of England Rate announcement which will be made during this writing.  The Euro appears to be seeing a bit of consolidation ahead of the announcement as it has firmed to 1.0765 right now.  This corresponds to news that Greece will pay the outstanding debt owed to the IMF which is approximately half a billion Euros for this payment.  There still remain challenges ahead for Greece but this will put off talks of bankruptcy for now.

The British Pound is trading at 1.4830 as the announcement that the Bank of England has decided to leave the Official Bank Rate unchanged at 0.5%.  Sterling has seen a low of 1.4763 which was touched earlier in the European session this morning.  The high has been 1.4886 which was reached during the Asian session.  The details of the BOE’s Monetary Policy Plan will be made during their press release which is scheduled to take place shortly.  This will summarize the sentiments felt by the bank Governors on the current state of the UK economy and what their views on growth are at this point in time.  With Greece meeting its current debt obligations, the veil of uncertainty for the European currencies has momentarily been lifted even if it is only for a short while.  For the UK however, uncertainties still abound with the British coming elections being the next geopolitical topic of interest.  The likelihood of another coalition government seems a highly likely outcome at this point as no party is seen to have a dominant chance of taking the government singlehandedly.  This is sure to keep the pound capped in the near future until the election results are decided.

The Japanese Yen is trading at 119.98.  USD/JPY has seen a low of 119.93 while the high has been 120.39.  Japanese Preliminary Machine Tool Orders recorded 14.6% which is lower than the total for the previous month.  USD/JPY is currently trading just above the low of the day with a strong chance of testing and finding a new low today.  There will be one more significant data release tomorrow and that will be it for the economic data releases out of Japan for this week.  The range of 118.50 – 121.00 is yet to have its outer parameters tested recently.  This remains a band that is likely to stay intact in the near future a nothing has been influential enough to see the outer parameters breached. 

AUD/USD is trading at 0.7730 with the low being 0.7659 while the high has been 0.7739.

USD/CAD is trading at 1.2519 with the low being 1.2508 while the high has been 1.2580.


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.