The Euro is trading at 1.0759 at the moment. The low has been 1.0733 while the high has been 1.0822. The Euro has softened today as concerns of the Greek debt resolution crept back into focus. The US Dollar is still a bit vulnerable to the downside after dismal economic data released last week encouraged a push back. The chances for a Fed rate hike were pushed out to later in the year after the economic data revealed the fragility of the US economy. The Fed is looking for stronger confirmation of consistent growth before raising interest rates from current levels. Recent data could see them make a return to include the word patient in their next statement. Earlier this morning, German PPI was lower than expected posting 0.1%. This has contributed to the softer tone the Euro has been seeing this morning along with the fact that there is not much significant economic data out later from the US. In fact, the US will not have a significant data release until Wednesday which is likely to keep the Dollar vulnerable to positive date from other countries and the Euro zone entirely. However, any developments in the Greek debt debacle will likely cause directional movement.
The British Pound is trading at 1.4918 at present. Sterling has traded as low as 1.4911 while the high has been 1.4983. Cable has softened today in similar fashion as the Euro has versus the US Dollar. Economic data has not been a factor in the recent gains made by the Dollar as there has been no UK data releases scheduled during the European session today. The improving UK Rightmove HPI was 1.6% and was released during the Asian session. However, as concerns over Greece and coming UK elections return to immediate focus, the US Dollar has found support. With no significant economic data released out of the UK until Wednesday, the currency markets will likely be directed by whatever is deemed of economic importance in the interim. This is likely to be news relating to the coming British elections and anything that will impact the Greek debt resolution. There is no significant data to be released out of the US until Wednesday as well which will allow the markets to be easily impacted directionally.
The Japanese Yen is trading at 119.05 which is just 3 pips off of the current USD/JPY high at 119.08. The low has been 118.52. Japanese Tertiary Industry Activity beat expectations posting 0.3%. This saw USD/JPY soften to the low of the day before finding support during the European session and moving higher. With the dollar trading near the high of the day, chances for it to trade even higher are highly likely. Japan will not have another significant data release scheduled until Wednesday morning when the Japanese Trade Balance is scheduled for release. The market at the moment seems highly susceptible to news relating to the Greek debt situation which is helping to increase support for the US Dollar at this point.
AUD/USD is trading at 0.7768 with the low being 0.7764 while the high has been 0.7826.
USD/CAD is trading at 1.2251 with the low being 1.2179 and the high being 1.2255.
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.