The Euro is trading at 1.1159 at the moment. The low has been 1.1132 while the high has been 1.1206. The trading week has started in typically quiet fashion with no significant economic data released in Europe today. However, investors are looking forward to the UK release of the Official Bank Rate and MPC Asset Purchase Facility announcements later this morning. These announcements will be followed by the MPC Rate Statement that will follow the announcement. This important data seems to hold the Euro inside of the established daily range in anticipation of the information that will be released. Overall, the Euro has eased throughout the majority of trading until now and once hitting the low of the day support has been established at that level. The Euro has recovered a bit but generally remains poised towards the downside. This is largely due to the European group meetings on the Greek debt crisis which still weighs on the Euro. Greece is facing a 750 million Euro payment that needs to be made to the IMF on Tuesday. In conjunction with this payment, Greece is looking to continue to receive refinancing concessions that would soften the effects of their austerity measures which have weighed heavily on the country as it looks to return to growth. European Finance Ministers are hoping that this will prevent Greece from falling away from the European Union.
The British Pound is trading at 1.5450 at the moment. Sterling has traded as low as 1.5392 while the high has been 1.5454. Cable is trading near the highs of the day with the UK scheduled to make an announcement on the Official Bank Rate and Asset Purchase Facility. This is the highlight of news out of the region today with rates expected to remain unchanged. The real highlight will be what is discussed in the MPC Policy Statement that follows the announcement. This will bring into focus the areas of the UK economy that being watched as the ability to maintain consistent growth is of paramount importance. Also weighing into the equation is of course the current Greek debt debacle. With Greece set to make a payment of 750 million Euros to the IMF tomorrow, speculation surrounds what concessions will be granted to Greece as it looks to refinance its debt without the overbearing austerity terms seem previously. Any failure by Greece to pay its debts puts it one step closer to leaving the EU. This is to be avoided at all cost in the eyes of most European Finance Ministers.
The Japanese Yen is trading at 119.88 at present. USD/JPY low has been 119.66 while the high has been 120.04. There has been no significant financial data released out of Japan today which is keeping the US Dollar range bound. As mentioned previously, the focus in the markets today is directed towards the UK Official Bank Rate announcement and the outcome of the European group meetings over the Greek debt situation. Japanese data will be released tomorrow with Leading Indicators highlighted. However, expectations that the wider 118.00-121.00 range remains intact.
AUD/USD is trading at 0.7901 with the low being 0.7876 and the high being 0.7933.
USD/CAD is trading at 1.2127 with the low trade being 1.2075 and the high being 1.2144.
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.