The Euro is trading at 1.0857 at the moment.  The low has been 1.0833 while the high has been 1.0954.  The Euro has softened versus the US Dollar thus far today despite mostly positive data released out of the European sector this morning.  Spanish services PMI beat expectations to register 57.3 while Italian Services PMI also beat expectations as well recording 51.6.  On the other hand, European Final Services PMI was slightly lower than expected registering 54.2 while European Sentix Investor Confidence was 20.0 and also lower than expected.  Finally, European PPI beat expectations registering 0.5%.  However, once this data was reported the Euro slid towards the low of the day before finding support there and retracing slightly to hold at current levels.  Reasons for the selloff of the Euro stem from the fact that the market has had time to digest the poor jobs numbers that were released in the US this past Friday.  Several factors are worthy of consideration.  At the top of the list is the fact that the recent jobs data may just be a blip in an otherwise consistently improving sector of the US economy.  The US economy still continues to show signs of consistent growth across the board and is still the leader of economic growth amongst industrialized nations.  On the other side, Europe still faces challenges with the Greek debt situation and slower growth at the moment.

The British Pound is trading at 1.4900 currently.  Sterling has traded as low as 1.4829 while the high has been 1.4920.  After selling off earlier this morning, Cable has found support and recovered considerably to now trade at current levels.  UK Services PMI beat expectations to register 58.9.  The selloff of Cable earlier corresponded to the feeling in the market that the huge selloff of the US Dollar after the release of the lower than expected Jobs data was a bit overdone.  You saw profit takers quickly capitalize once Europe returned to normalcy after the Easter break.  This helped inspire the US Dollar and push Cable down to the low of the day where support was found and a recovery initiated.  At the moment Sterling is poised once again to the upside and I expect a test of the current high to be made later this morning.

The Japanese Yen is trading at 119.97 at present.  USD/JPY has traded as low as 119.41 while the high has been 120.04.  There has been no significant economic data released out of Japan today.  The recovery of the US Dollar versus its peers this morning stems from a variety of reasons.  But the oversold sentiment is likely the easiest consideration for its strengthening today.  The US continues to be the growth leader amongst industrialized nations and remains a safe bet for that consistent growth to continue. 

AUD/USD is trading at 0.7667 with the low being 0.7576 while the high has been 0.7711.  The RBA voted to keep rates unchanged at 2.25% today during the Asian session.

USD/CAD is trading at 1.2482 with the low being 1.2454 and the high being 1.2503.


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.