The Euro is trading at 1.0999 at the moment. The low has been 1.0959 while the high has been 1.1014. The Euro has advanced versus the US Dollar this morning as concerns over the Greek debt situation eased a bit. If Greece reaches an agreement with its creditors over a package of economic reforms, this will ease the pressure that Greece could leave the EU. This would allow for a bit more focus on advancing economic growth possibilities in the region. Earlier this morning, European M3 Money supply beat expectations with 4.6% recorded while European Private Loans met expectations with 0.1%. Traders will now direct their focus towards what the Fed will do later today following their Rate Announcement. The recent US data has softened the possibility of seeing a rate increase in the near term as there are areas of the US economy that may be lagging in pursuit of consistent growth. Industrial production, housing data and unemployment data from last month all revealed challenges facing these sectors in establishing a consistent growth scenario. As a result, the Fed is likely to continue to monitor this data before making a decision for a rate increase.
The British Pound is trading at 1.5354 at present. Sterling has traded as low as 1.5327 while the high has been 1.5406. The high was reached earlier this morning following the release of UK Nationwide HPI which beat expectations registering 1.0%. As the morning has progressed, the US Dollar has been able to garner support while the Pound gave back some of its recent advances to trade at current levels. This selloff by the pound was enhanced by the release of UK CBI Realized Sales which disappointed in recording 12 when 26 was anticipated. Cable appears to have found support at current levels but risk to the upside remains as traders now direct their focus towards the Fed Rate Announcement and subsequent Press Conference that will follow. The wording of their statements will be highly scrutinized in attempts to get an idea on exactly what the Fed is really basing their decisions on. However, before this happens, Traders will have had opportunity to digest the US Advance GDP and Advance GDP Price Index the will be released shortly. This is certain to set the tone for trading ahead of the Fed.
The Japanese Yen is trading at 119.07 at this writing. USD/JPY has traded at a low of 118.75 while the high has been 119.36. There is a Bank Holiday in Japan today so there has been no significant economic data released out of the region. USD/JPY is continuing to trade inside of the established wider range of 118.00-121.00. USD/JPY still remains vulnerable to the downside as the Fed announcement approaches. Today is one of those occasions when the lower side of the aforementioned wider range has a possible chance of being breached. The will depend on what the Fed puts out in its FOMC Statement following the Rate Announcement.
AUD/USD is trading at 0.8032 with the low being 0.7976 while the high has been 0.8038.
USD/CAD is trading at 1.2002 with the low being 1.2000 and the high being 1.2073.
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.