The Euro is trading at 1.2423 at present.  The low has been 1.2415 while the high has been 1.2478.  The week has started with a mixed tone for the currency markets.  The Euro, as realized by the range at this point, has a softer tone than earlier this morning during the Asian session.  From a level around the 1.2460 area, the Euro has slowly softened progressively as the European session has passed.  It remains poised towards the lower end of the range today.  With economic data out of the region scheduled to be on the light side, the Euro will test areas of short-term support and resistance if it is encouraged by data out of the US today.  Near term support is around the 1.2400 level with near term resistance coming in just below 1.2500.

The British Pound is trading at 1.5663 at the moment.  The low has been 1.5658 which is just 5 pips lower than where it is presently trading.  The high has been 1.5747.  The CBI Industrial Order Expectations number was recently released with a 5 beating out prior forecasts for the number to register a 3.  This helped the Cable to soften to its low today.  Like the Euro, the Pound will be impacted by the US economic data that will be released later this morning.  This data includes the Manufacturing Index, Capacity Utilization and Industrial Production figures.  Numbers better than expected will probably see pressure on the currencies and help the US Dollar appreciate.  This data will give insight to the continually growing US economy with players looking to take advantage of the impact they might have.

The Japanese Yen is trading at 118.74 at this writing.  The USD/JPY low has been 117.77 while the high has been 119.06.  The recent election results in Japan are what put the US dollar under pressure early in the Asian session.  However, once hitting the lows of the day, the US Dollar rebounded and has slowly recovered most of the losses it had given up earlier.  As I write this, it seems likely to continue to push higher and with the US data out later, the Dollar has a very good chance of testing the highs.  The Tankan Manufacturing and Non-manufacturing Index numbers revealed mixed results with the Non-manufacturing number registering 16 and beating expectations while the Manufacturing number was lower than expected with 12 registered.  Tomorrow will see Flash Manufacturing PMI released in Japan.

AUD/USD is trading at 0.8222 with the low being 0.8203 while the high has been 0.8268.

USD/CAD is trading at 1.1585 with the low being 1.1547 and the high being 1.1590.


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.