The Euro is trading at 1.2499 at present. The low has been 1.2481 while the high has been 1.2577. Earlier this morning the European trade balance was announced with a 17.7 billion surplus posted. This announcement beat expectations. The Euro remains under pressure from the US Dollar as the week begins. During the Asian session, the US Dollar seemed to be giving up ground to the major currencies. However, once the European session began the Dollar started to recover and now looks poised to push on towards further gains. This week will see the release of a wide range European economic data that will likely clarify the economic situation in Europe. Growth in the region is of the utmost importance but the economic numbers seem to indicate headwinds. The data released this week will give a more broad scope of the economic picture.

 

The British Pound is trading at 1.5639 at this writing. The low has been 1.5619 while the high has been 1.5736. The UK Rightmove HPI number was released during the Asian session. It registered a disappointing -1.7%. This week will see a wide range of UK data released. The progress of growth in the UK has come under a little pressure in the past month as the mixed data out of the region will attest. This week?s data will help to give a clearer picture of the state of the UK economy.

 

There was considerable interest regarding the possibility of a rate hike in the UK due to the economy growing a little too fast. However, in recent months the growth scenario has slowed somewhat with mixed data coming out of the UK. The information out this week will help to give a more accurate picture of the state of the UK economy at present.

 

The Japanese Yen is trading at 116.26 at the moment. The USD/JPY low has been 115.45 while the high has been 117.05. The range in USD/JPY was encouraged by the release of the Preliminary GDP out of Japan which registered a disappointing -0.4% when 0.5% was expected. Additionally, the Preliminary GDP Price Index registered 2.1% which beat expectations. Looking ahead, the Monetary Policy Statement to be released this coming Wednesday in Japan should be quite interesting considering the surprising expansion of QE by the BOJ recently. I expect Yen to remain under pressure from the rising US Dollar in the near future as a result of the QE stance that has been taken.

 

AUD/USD is trading at 0.8731 with the low being 0.8719 while the high has been 0.8795.
USD/CAD is trading at 1.1310 with the low being 1.1267 and the high being 1.1320.

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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.