The Euro is trading at 1.0985 at present.  The low has been 1.0957 while the high has been 1.1052.  The Euro has gained a bit more ground versus the US Dollar today.  This rally towards the high came on the back of the German Gfk Consumer Climate data which registered better than expected with 10.0.  The Dollar has remained under pressure since the announcement of the Fed adjustment in its guidance.  This continues to weigh on the US Dollar and has bought to a close the bullish US Dollar trend that held a grip on the currency markets since spring of last year.  At this writing the Dollar is experiencing a bit of a retracement as it moves towards the low again.  This is a result of caution as a result of Greece failing to secure a cash payment from the European rescue fund that would postpone potential bankruptcy next month.  This cautious tone underlies the strengthening process that the Euro is experiencing at the moment and will continue to do so until the Greek austerity plan is completed.

The British Pound is trading at 1.4884 at the moment.  Cable has seen a low of 1.4871 while the high has been 1.4993.  UK Retail Sales were better than expected posting 0.7%.  This surprising increase over expectations enabled the Pound to push on towards the highs for the day.  Sterling has softened since touching the high after it was highlighted that Greece had failed to secure a quick cash payment from the rescue fund.  This situation has raised the caution flag as they look to get over this most recent hurdle.  Bankruptcy looms should Greece fail to miss the deadline.  As long as the Greek debacle remains unresolved the European currencies will succumb to downside pressure with the US Dollar gaining just because of the stability it is perceived to have.  This will always be seen of more immediate importance than the recent change in guidance from the Fed.

The Japanese Yen is trading at 119.03 currently.  USD/JPY has touched a low of 118.32 while the high has been 119.57.  The Dollar has found support at the daily low and is regaining some strength today.  This is largely due to the Greek debacle.  There was no significant economic data released in Japan this morning but the Dollar was still under pressure then.  With the Greek situation being highlighted in Europe this morning, the Dollar has found support and now looks poised to challenge the highs once again.  Should the current problem with the Greeks meet a resolution, the Dollar will probably soften once again.  The Dollar is recognized for its general stability when the situation in Greece raises its head.  This is why a cautious tone persists even when the Dollar softens.

AUD/USD is trading at 0.7841 with the low being 0.7800 while the high has been 0.7884.

USD/CAD is trading at 1.2453 with the low being 1.2409 and the high being 1.2533.


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.