The Euro is trading at 1.1128 at present.  The low has been 1.1115 while the high has been 1.1186.  The US Dollar has gained ground on the Euro this morning after Services PMI numbers out of the region.  Spanish Services PMI registered 56.2 which is lower than expected.  Italian Services PMI also registered lower than expected with 50.0.  Additionally, European Final Services PMI was 53.7 which is also slightly lower than expected.  These numbers encouraged the US Dollar to advance versus the Euro which subsequently touched its low of the day.  European Retail Sales recorded a 1.1% gain which was surprisingly better than expected and caused the Euro to find support at the low and retrace.  The Euro remains vulnerable to the downside as the US is soon to begin their session.  These numbers will encourage more selling of the Euro once the US session begins.

The British Pound is trading at 1.5331 at the moment.  Sterling has traded as low as 1.5324 while the high has been 1.5372.  UK Services PMI was lower than expected registering 56.7.  Cable softened on the back of this UK data release which saw the Pound sell off from above 1.5350 down to the low of the day.  It then retraced to hold at current levels.  The feeling of caution has not lifted yet as the Bank of England will make an announcement on rates tomorrow and speculation persists around what will be highlighted in their MPC Press Conference that follows.  Additional softening of the Pound is likely as the US session begins.  The US will also release its PMI numbers today and any number better than expected will probably encourage the Dollar to rally further.

The Japanese Yen is trading at 119.65 currently.  USD/JPY has touched a low of 116.49 while the high has been 119.83.  There has been no significant Japanese economic data released today which has therefore kept USD/JPY holding inside of the range that has been established since the start of the week.  USD/JPY holds its place in these markets as a safety trade as the fundamentals concerning the pair right now are quite firmly established.  Asia does not have similar geopolitical and financial risks that Europe seems to be experiencing at this point in time.  Therefore the Yen has behaved in a more predictable manner while Japan seeks to encourage growth and further strengthen its economy.  Expect Japan to continue to do exactly as it has been doing to solidify its base for growth to flourish.

AUD/USD is trading at 0.7834 which is just off of the high today at 0.7838.  The low has been 0.7794.

USD/CAD is trading at 1.2509 with the low being 1.2479 and the high being 1.2533.  The Bank of Canada will announce its Overnight Rate followed by its Rate Statement later this morning.

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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.