The Euro is trading at 1.1414 at the moment.  The low has been 1.1393 while the high has been 1.1443.  The Euro is holding on to gains made yesterday that came after the release of the US data which included weaker than expected Retail Sales numbers.  Today, GDP releases dominate the European data.  French Preliminary GDP met expectations with 0.1% while German Preliminary GDP surprised by registering better than expected with 0.7%.  Italian Preliminary GDP remained flat – 0.0% – while European Flash GDP was slightly better than expected posting 0.3%.  Additionally, German WPI registered a disappointing -0.4% when expectations were hoping for 0.4%.  Lastly, French Preliminary Non-farm Payrolls were slightly better than expected with a 0.0% return.  Following these data points, the Euro softened a bit from around the 1.1430 level down to current levels.  The US will release its economic data later this morning but it is not expected to prevent the Euro from keeping most of its gains made yesterday.  Profit taking towards the end of the trading week will likely encourage a softer Euro to end the week.

The British Pound is trading at 1.5388 currently.  Sterling has traded as low as 1.5374 while the high has been 1.5419.  Like the Euro, Cable has held on to most of the gains it made versus the US Dollar yesterday.  Cable softened following the release of UK Construction Output which registered a disappointing 0.4% when expectations were looking for 2.6%.  This data saw Sterling move down from above 1.5400 to current trading levels.  The breakout to the upside yesterday sees the Pound positioned at these levels based on the fundamentals.  An improved growth outlook for the region helped to solidify the rally following the inflation report which realizes inflation being largely contained.  Although there is US data still to be released today, any selloff in Cable is likely to be the result of profit taking after the rally yesterday.

The Japanese Yen is trading at 118.88 at this writing.  USD/JPY has traded at a low of 118.40 while the high has been 119.16.  No significant economic data has been released out of Japan today.  The currency remains largely range bound with USD/JPY poised more towards the upside.  Unless the US data out later is skewed unusually outside of expectations, the USD/JPY range will probably remain Intact.  Looking ahead to next week, Japanese GDP data is scheduled to be released on Monday and this will set the tone for the continued value of the Yen in the short term.  Any positive GDP data will likely be followed by a stronger Yen.  We shall see if that is the case.

AUD/USD is trading at 0.7730 with the low being 0.7723 and the high being 0.7792.

USD/CAD is trading at 1.2533 with the low being 1.2485 while the high has been 1.2536.


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.