The Euro is trading at 1.0887 at this writing. The low has traded at 1.0872 while the high has traded at 1.0907. Euro has traded mixed this morning although it is still hovering near the lows made yesterday. There has been no significant data released out of Europe this morning. The Euro has been able to find a bit of support after Greece obtained a 7 billion Euro bridging loan from the EU to help the country stay afloat as independent countries continue to vote on whether to agree with the bailout or not. This news followed information that the ECB had increased emergency lending to the Greek Banks by 900 million Euros. This was enacted under the premise that Greece would remain a member of the EU. ECB President Draghi highlighted the fact that several positive things have worked to increase the emergency liquidity assistance that Greece is able to receive. Additionally, Greece would likely be able to make its repayment and clear up the funds it owes to the IMF. With several important data points to be released out of the US later this morning, the Dollar is holding on to some of the gains it acquired yesterday. Should favorable numbers be returned from these data points today, expect the Dollar to make a serious push towards 1.0800 and possibly lower than that.
The British Pound is trading at 1.5622 at the moment. Sterling has traded as low as 1.5599 while the high has been 1.5673. The Pound has traded mixed throughout the current range with no new economic data released out of the UK. Cable continues to improve versus the Euro and remains steady versus the Dollar. The biggest boost to Sterling this week came after comments from Bank of England Governor Mark Carney who highlighted the fact that the time for interest rate increases is getting closer. Cable strengthened as a result and continues to hang on to its gains with consistent growth and low inflation in the UK being common traits of the UK economy. As the Greek debt debacle continues to evolve, Cable has reaped the benefit of the situation improving with the third bailout continuing to gain support across the EU. This has enhanced ability of the pound to be viewed as a worthy trade with some of the uncertainty out of Europe now abating.
The Japanese Yen is trading at 124.06 at present. USD/JPY has traded as low as 123.91 while the high has been 124.23. The US Dollar has managed to hold on to the gains it has made this week as comments from Fed Chair Janet Yellen had a profound effect in encouraging support for the US Dollar. With expectations for a rate hike in the US before the end of the year a confirmed possibility, the Dollar has come to the forefront as one of the best and safest instruments to trade in the short term. Japan has not released any significant economic data today. This has enabled the Dollar to continue to hold on to its gains.
AUD/USD is trading at 0.7403 with the low being 0.7384 while the high has been 0.7419.
USD/CAD is trading at 1.2977 with the low being 1.2947 and the high being 1.2984.
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.