The euro is trading at 1.1306 at this writing. The low has traded at 1.1273 while the high has traded at 1.1319. With little economic data released today to encourage any directional movement, the euro finds itself in a tight range as the trading week has gotten under way. The data that will likely have the most impact on the euro this week are the ECB rate announcement and ECB Press Conference which will be delivered on this coming Thursday, while European Manufacturing and Services PMI numbers will be released this coming Friday. Ahead of this information will be the release of updated ZEW Economic Sentiment data, which will be released tomorrow. This information is certain to influence the movement of the European currency, which has come under pressure as economic challenges raise the outlook of uncertainty in the region. This quarter alone will see the outcome of the British referendum vote, which could have huge repercussions for the Eurozone if the UK decides to leave the EU. The markets make pivotal moves on every new endorsement for either side of the argument. This will become more emphatic the closer we get to the actual vote.
The British pound is trading at 1.4186 at the moment. Sterling has traded at a low of 1.4130 while the high has traded at 1.4203. In similar fashion as the euro, the pound has traded in a reasonably narrow range with limited data released. During the Asian session, UK Rightmove HPI was the same as the previous month, registering 1.3%. Looking ahead, UK economic data will be sporadic this week, with the highlights coming on Wednesday with the UK jobs data and Thursday with the UK Retail Sales update. As mentioned previously, expect the influence of the coming referendum vote to slowly receive more attention. Although the vote is not until later in the second quarter, the possible outcome will continue to weigh into the public discourse on the subject with each approaching day. Investors can expect more pointed discussion on both the pros and cons of the two sides of the argument.
The Japanese yen is trading at 108.60 at present. USD/JPY is trading at 107.83 while the high has traded at 108.79. The US dollar has gained since trading at the low of the day. It is currently trading just off of the daily high and looks poised to push even higher. There has been no significant Japanese economic data released today and none is expected for release tomorrow. However, an update of the Japanese Trade Balance is expected on Wednesday and Japanese Manufacturing PMI is anticipated for a Friday release. With these releases, investors will be able to make a better assessment of any progress the Japanese economy is making on the road to consistent growth.
AUD/USD is trading at 0.7716, with the low trading at 0.7631 and the high trading at 0.7731.
USD/CAD is trading at 1.2898, with the low trading at 1.2861 and the high trading at 1.2990.
Disclaimer: 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.