The Euro is trading at 1.1805 at the moment. The low has been 1.1788 while the high has been 1.1871. The US Dollar has gotten stronger against the Euro in trading this morning. There has been no significant economic data released out of Europe today as the week starts in typically quiet fashion. In addition, Japan has had a bank holiday today so markets have had limited involvement from what may be the typical players at the start of the weekly trading cycle. Despite these factors, the US dollar continues to maintain a bullish tone in the currency markets. Much of the US Dollar strength comes from the perception that the US economy is doing better in relative terms compared to Europe and large economies in Asia. This perception seems to help the US Dollar be seen as the safe haven currency in comparison to the other leading currencies. Near term support in EUR/USD can be found around 1.1750 while near term resistance is around 1.1875.
The British Pound is trading at 1.5137 at present. Cable has seen a low of 1.5098 while the high has been 1.5194. The Pound has experienced a small retracement as it heads back towards the middle of the trading range today. Cable sold off earlier this morning during the European session where it touched the low before returning to present levels. This directional movement has occurred in the absence of any significant economic data out of the UK this morning. The market continues to recognize the continued growth in the US as being the catalyst that encourages a stronger Dollar to dominate trends. This realization continues to be supported by the favorable economic data that is released out of the US. This trend does not seem to be slowing anytime soon.
The Japanese Yen is trading at 119.09 currently. The USD/JPY low has been 118.10 while the high has been 119.32. The US Dollar has recovered some of the ground from the selloff it experienced at the end of trading last week. This rally is reflecting the sentiment that seems to be dominating the currency markets at present. With the US continuing to show steady growth, the US dollar has been reflecting that growth by continually strengthening against all major currencies. Meanwhile, Japan is taking steps to encourage growth in their region by using QE measures. This will continue to pressure the Yen thus softening the value relative to the Dollar.
AUD/USD is trading at 0.8160 with the low being 0.8152 and the high being 0.8255.
USD/CAD is trading at 1.1883 with the low being 1.1834 while the high has been 1.1888.
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.