The Euro is trading at 1.1356 at present.  The low has been 1.1343 while the high has been 1.1380.  The Euro has traded in a narrow range up to this point today.  Economic data released out of Europe earlier this morning has not encouraged the Euro to break out of the current range.  Gfk Consumer Climate slightly beat expectations posting 9.7.  The German Unemployment Change recorded -20K which was better than expectations that were looking for -10K.  European M3 Money Supply registered 4.1% while European Private Loans were -0.1%.  Lastly, Italian Retail Sales disappointed registering -0.2%.  With most of this economic data being positive, it is surprising that the Euro has not seen a breakout of the current range.  This encourages one to believe that players remain sidelined waiting for the US data due out later to have more of an impact in the currency markets.  The US data of note out later this morning is the CPI and Durable Goods numbers for the previous month.  These numbers are likely to create more of an impact in relation to growth in the US.

The British Pound is trading at 1.5519 which is 8 pips above the low of 1.5511 at this point.  Sterling has seen a high of 1.5552.  UK Second Estimate GDP met expectations registering 0.5%.  UK Preliminary Business Investment disappointed with -1.4% while UK Index of services slightly beat expectations to register 0.8%.  Sterling has slowly softened since these numbers were release easing down towards the low of the day.  Cable is poised towards the downside with a push towards or through support around 1.5500 if the US inflation data out later this morning is positive for the greenback.  The last bit of UK data scheduled for this week will be the release of the Gfk Consumer Confidence number that is to be released during the morning in the Asian session.  There is support further down around 1.5450 for the Pound if the number is really positive for the US.

The Japansese Yen is trading at 118.78 at the moment.  The USD/JPY low has been 118.67 while the high has been 119.09.  With no significant data released out of Japan today, the Yen has continued to trade inside of the range today.  Tomorrow will see the release of a broad spectrum of important Japanese data which includes CPI, Household Spending, Unemployment Rate, Industrial Production, Retail Sales and Housing Starts.  This abundance of data is likely to have a huge impact on the value of USD/JPY as the week draws to a close.  The key will be whether or not this data reflects a growing economy in Japan.  It still may be a little early to see the full effects of the recent QE measures on these numbers but they will give a much clearer picture of the state of the Japanese economy at this time.

AUD/USD is trading at 0.7889 with the low being 0.7836 and the high being 0.7913.

USD/CAD is trading at 1.2452 with the low being 1.2387 while the high has been 1.2457.


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.