The Euro is trading at 1.1170 at this writing. The low has traded at 1.1115 while the high has traded at 1.1233. The Euro has softened versus the US Dollar this morning after comments by Fed Chair Janet Yellen once again hinted at the possibility of a US rate hike before the end of the year. Yellen expects the Fed to bin raising rates before year end as long as inflation remained stable and US employment continued to grow. Her comments followed mixed US data out yesterday which included positive New Home Sales and mixed Durable goods data. This morning in Europe M3 Money Supply was lower than expected registering 4.8% while European Private Loans were slightly lower than expected with 1.0%. Focus for investors now moves towards the release of the US data that will be out later this morning the highlight of which will be the US Final GDP number quarter versus quarter. Expectations are looking for this number to be 3.7%. Any improvement on this will likely see the US Dollar continue to make advances thus validating the gains it made overnight versus it major peers.
The British Pound is trading at 1.5211 at the moment. Sterling has traded as low as 1.5205 while the high has traded at 1.5260. The US Dollar has continued to firm versus the Pound after Fed Chair Janet Yellen spoke yesterday. Her comments confirmed the widely held view that the Fed will raise US interest rates before the end of the year. Consistencies must continue with improving US employment and stable inflation data being the key areas of concern for the Fed in the short term. As I write this, the pound has touched a new low of 1.5197 with increasing chances of going lower with critical US GDP data out later this morning. Next week will see the release of a lot of pivotal UK economic data which will help investors recognize some of the key data points the Bank of England members use as they evaluate the state of the UK economy. These data points will help determine how much growth the UK economy has added in the current cycle. Keep in mind that the Bank of England will be looking to raise UK rates as well at some point in the not too distant future.
The Japanese Yen is trading at 120.93 at present. USD/JPY has traded as low as 120.02 while the high has traded at 121.12. During the Asian session, both Japanese National Core CPI and Tokyo Core CPI met expectations posting -0.1% and -0.2% respectively. Meanwhile Japanese SPPI beat expectations registering 0.7%. However The Dollar has continued to strengthen after the comments of Fed Chair Yellen encouraged support for the greenback.
AUD/USD is trading at 0.7005 with the low trading at 0.6977 while the high has traded at 0.7047.
USD/CAD is trading at 1.3328 with the low being 1.3298 and the high being 1.3355.
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.