The Euro is trading at 1.0958 at the moment. The low has traded at 1.0952 while the high has traded at 1.0996. The Euro has eased versus the Dollar this morning after European Manufacturing PMI data was released. Spanish Manufacturing PMI registered 53.6 which was lower than expected while French Final Manufacturing PMI met expectations posting 49.6. Italian Manufacturing PMI surpassed expectations with 55.3 recorded. Both German Final Manufacturing PMI and European Final Manufacturing PMI were better than expected as well registering 51.8 and 52.4 respectively. However, this data did not encourage the Euro to gain ground on the Dollar and the currency remains poised towards the downside. This movement of the Dollar is a recovery of the ground it lost last week Friday after weak wage data out of the US. The Euro was able to find support as a result of the data while the Dollar eased back. Today, the Dollar has recovered a bit in anticipation of good numbers out of the US later this morning. A broad spectrum of data is scheduled for release and investors may be getting ahead of the move if the data proves positive for the US.
The British Pound is trading at 1.5584 which is just 2 pips above the low of the day at 1.5582 at this point. The high has traded at 1.5645. Sterling has eased following the release of the UK Manufacturing PMI number which was ironically better than expected. This was an improvement on the June number which was the lowest in more than 2 years. However, Cable has eased as investors look ahead to the US data that will be coming out later this morning. The strengthening of the Dollar at this juncture may be in anticipation of positive US data out later. Traders may be just trying to get ahead of the move if the Dollar looks to gain more following the data releases. This data will include US Spending and US manufacturing numbers. Anything posted better than expected will likely see the US Dollar push for new gains.
The Japanese Yen is trading at 124.25 at present. USD/JPY has traded as low as 123.67 while the high has been 124.27. The US Dollar has firmed versus the Yen as the morning has progressed as traders begin to focus on the US spending and manufacturing data out later this morning. Japanese Manufacturing PMI was slightly lower than expectations to registered 51.2. This data encouraged support for the Dollar seeing it rebound from off of its low of the day. Earnings data will be released in Japan tomorrow. The Dollar may have already moved higher if the US data today proves positive for the greenback.
AUD/USD is trading at 0.7270 with the low trading at 0.7264 and the high trading at 0.7318.
USD/CAD is trading at 1.3152 with the low being 1.3079 and the high being 1.3176.
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.