The Euro is trading at 1.0596 at the moment.  The low has been 1.0493 while the high has been 1.0643.  The Euro has recovered some of the ground it lost to the US Dollar over the past 2 days after releasing encouraging economic data out of the region.  After seeing the Euro touch the recent low this morning in late Asian session trading, the Euro has found the support to enable it to recover and establish a new daily high during early trading in the European session.  European data released this morning helped solidify the upward movement of the Euro.  German Final CPI met expectations to register 0.9% while French CPI beat expectations posting 0.7%.  Just recently the European Industrial Production number was released revealing -0.1% which was below expectations and caused the Euro to retreat once again.  With consistently sound and improving economic data coming out of the US, there is little wonder why the Dollar continues to make gains.  Traders are now focusing on the US data out later this morning as the next potential rally for the Dollar.  Positive numbers here are likely to initiate another leg lower for the Euro. Amongst this data will be an update of the Retail Sales numbers.

The British Pound is trading at 1.4991 at present.  The low in Cable today has been 1.4909 while the high has been 1.5013.  In like manner as the Euro today, Sterling has retraced off of its recent low to establish the high today. Earlier during the Asian session, the UK RICS House Price Balance recorded 14% which was a healthy improvement on what was expected.  In addition, the UK Trade Balance registered a smaller deficit than expected posting -8.4 billion Pounds.  This promising UK data was crucial in encouraging the Pound to recover some of the recent ground it has given up to the consistently improving US Dollar.  Additionally, the data also helps encourage the BOE to continue with their current plan of maintaining consistent growth.  Later this morning the US economic data will be released.  If this data is positive, the US Dollar can be expected to rally once again. 

The Japanese Yen is trading at 121.03 currently.  USD/JPY has traded as low as 121.00 while the high has been 121.67.  The US dollar has softened over the course of the day with its peers recovering some of their recent losses.  The Yen has strengthened today as well although not quite as much as the Euro or the Pound.  The Japanese BSI Manufacturing Index disappointed with 2.4 posted when expectations were looking for 5.7.  Japanese Tertiary Industry Activity recorded a favorable 1.4% beating expectations.  This was followed by Japanese Consumer Confidence which beat expectations registering 40.7.  This is the type of favorable data the Bank of Japan has been hoping to see more of as it looks to enhance growth in the region.  We may be witnessing the early positive signs of their recent QE program.

AUD/USD is trading at 0.7690 with the low being 0.7573 and the high being 0.7698.

USD/CAD is trading at 1.2661 with the low being 1.2652 while the high has been 1.2768.

——————————————————————————————————————————————

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.