The Euro is trading at 1.1314 at this writing.  The low has been 1.1299 while the high has traded at 1.1398.  The US dollar has taken back some of the ground it lost following the Fed announcement on Wednesday.  The Greek debt situation is causing support for the Euro to falter in the short term with the US dollar the beneficiary as the flight to safety enhances the greenback.  Greece must make a payment of approximately 1.6 million Euros to the IMF and negotiate a new agreement with its European creditors before the end of this month.  Should Greece default on its repayment, it will be declared bankrupt and prevented from future access to any more funding.  The downside of this process is that Greece may opt to leave the Euro zone which would severely upset the European economy.  This would raise the chances of a total threat to the European Union as it is now defined.  This could cause other countries to consider breaking ties with the EU should they run into difficulties putting the EU in a fragile state.    This morning, European Current Account registered 22.3 billion Euros which was better than expected while German PPI was worse than expected with 0.0%.  This data took a backseat to the ongoing Greek crisis.

The British Pound is trading at 1.5847 at the moment.  Sterling has traded at a low of 1.5842 while the high has been 1.5896.  The Pound has eased versus the US dollar as Greek debt woes come to the forefront once again.  UK Public Sector Net Borrowing was 9.4 billion GBP which was better than expected.  However, this data did not prevent the Pound from easing towards the low of the day.  At present, Sterling remains poised towards the downside.  As long as the Greek debt situation remains unresolved Cable is likely to remain under pressure.  The UK economy continues to show signs of consistent growth as the figures released today illustrate.  Consistent economic growth is the objective of the Bank of England as its recent decisions have help to realize this trend.  But as a member of the EU, the Pound will always be vulnerable to any situation where the EU comes under pressure.  This Greek debt debacle is definitely one of those situations.

The Japanese Yen is trading at 123.14 at present.  USD/JPY has traded as low as 122.82 while the high has been 123.22.  The US Dollar has strengthened a bit versus the Yen this morning and remains poised towards the upside.  Japanese All Industries Activity was worse than expected posting 0.1% when 0.3% was anticipated.  This helped initiate the easing of the Yen today although the USD/JPY range remains quite tight.  The market will not be influenced by US data as there is nothing significant scheduled for release out of the US today.  However, the markets continue to monitor the impasse between Greece and its EU creditors with any developments sure to impact currency movement.  A resolution is anxiously anticipated as it would help to remove much of the uncertainty that now persists as the markets look for stability.

AUD/USD is trading at 0.7755 with the low trading at 0.7746 ant the high being 0.7812.

USD/CAD is trading at 1.2249 which is the high of the day with the low being 1.2214.


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.