The Euro is trading at 1.1116 at this writing. The Euro has traded as low as 1.1103 while the high has been 1.1190. The Euro has softened a bit this morning after quite a bit of European Services PMI data was released. Spanish Services PMI was lower than expected registering 58.4 while Italian Services PMI was 52.5 and also lower than expected. Both French Final Services PMI and German Final Services PMI beat expectations registering 52.8 and 53.0 respectively. European Final Services PMI also beat expectations registering 53.8. Both the Italian Monthly Unemployment Rate and the Italian Quarterly Unemployment Rate registered 12.4%. These figures were better than expected in both cases. European Retail Sales met expectations with 0.7% while the European Unemployment Rate showed a small improvement by going down to 11.1%. All eyes are now focusing on the European Minimum Bid Rate Announcement later this morning with ECB Press Conference to follow 45 minutes after the announcement. Topping the interest surrounding the announcement is the ECB stance on possibly continuing its current QE program. This will clarify the central bank’s policy moving forward in the short term.
The British Pound is trading at 1.5275 at the moment. Cable has traded as low as 1.5252 while the high has been 1.5375. Sterling has softened this morning versus the Dollar. During the Asian session, UK BRC Shop Price Index registered -1.9% which was the same as the previous month. UK Nationwide HPI was slightly lower than expected posting 0.3%. UK Services PMI registered 56.5 which was lower than expected and helped Cable sell off to its low of the day. Traders will be focused on the ECB Rate Announcement that is going to be made soon. Around the same time as the ECB Announcement, the US Trade Balance data will be released. These will be 2 significant pieces of information in the grand scheme of the trading session this morning. The US will release additional PMI data later in the day. These critical data points will shape the movement in the currency markets today. The Bank of England will make its Rate announcement tomorrow.
The Japanese Yen is currently trading at 124.46. USD/JPY has traded as low as 123.79 while the high has been 124.49. The US Dollar remains poised towards the upside despite no significant Japanese economic data having been released today. This strength by the US Dollar comes ahead of the ECB Rate Announcement and could change depending on what the ECB says in its Press Conference following the announcement. The next piece of significant Japanese economic data is scheduled for release on Friday during the Asian session. This will be Japanese Leading Indicators info. Right now the focus is on the ECB today and will be on the BOE tomorrow.
AUD/USD is trading at 0.7775 with the low being 0.7756 while the high has been 0.7819.
USD/CAD is trading at 1.2443 with the low being 1.2384 and the high being 1.2460.
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.