The Euro is trading at 1.1345at the moment.  The low has been 1.1312 while the high has been 1.1354.  The range of the Euro today has had limited directional movement with data out of the region doing little to influence the currency directionally.  The Spanish Unemployment Change was an encouraging 78.0 which was better than expected.  Italian Preliminary CPI disappointed while posting -0.4%.  European PPI registered -1.0% which was worse than expected.  This data has seen the Euro largely continue to trade inside of the current range while pushing the upper and lower bands for few pips before a return towards the middle of the range.  This pattern could be set for the duration of trading today as there is very little data out of the US later to encourage a full breakout.  Data out tomorrow in Europe includes Services PMI from a few countries in the region as well as Retail Sales figures out of the region.

The British Pound is trading at 1.5076 which is 1 pip off of the high in Cable today.  This uptick has only recently been encouraged as Cable broke through the 1.5050 level and currently looks poised to push even higher.  The low has been 1.4988.  Encouraging this push to the upside was the UK Construction PMI which beat expectations to register 59.1 with 56.9 expected.  Earlier in the European session this morning, Cable broke towards the downside and on to the low of the range before reversing.  Support around 1.5000 was breached in the process.  However, following the release of the aforementioned data, Sterling has slowly edged higher.  With 1.5050 having been passed, the next area for near term resistance is around 1.5100.  On the horizon is the Bank of England Rate Announcement which takes place on Thursday.  Expect more focus to be on the MPC Rate Statement that will follow the Rate announcement as this will like include the BOE assessment of the state UK economy and the chance of continued growth out of the region.

The Japanese Yen is trading at 117.34 at present.  USD/JPY has traded as low as 116.87 while the high has been 117.71 with both levels having been reached during the Asian session.  The Japanese Monetary Base registered 37.4% which is lower than expectations that were looking for 40.1%.  The USD/JPY has traded for the most part of the day around the midpoint of the overall range.  At this writing, the directional movements today seem unlikely to break support at 116.50 and resistance on top around 118.00.  These bands have been intact for a little while now and will likely remain intact throughout this week.  Overall, data out of Japan this week is sporadic at best with tomorrow bringing the release of Japanese Average Cash Earnings data as one of the main bits of data scheduled for release out of the region.

AUD/USD is trading at 0.7677 with the low being 0.7625 and the high being 0.7833.  The RBA lowered the Cash Rate to 2.25% from 2.5% in order to help stimulate growth in the region.

USD/CAD is trading at 1.2580 with the low being 1.2529 and the high being 1.2644.


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.