Majors are still currently trading within narrow ranges due to the lack of fundamentals in the U.S. in today's economic calendar. Markets returned to normal finally after the slump the currencies had witnessed yesterday as a result of investors engaging in profit-taking transactions after they had reached record highs against the dollar. Nothing new happened since yesterday, as the markets await the release of the housing data this week in addition to the FOMC meeting where the Fed will reveal their decision concerning the interest rates in the upcoming week. A cut in rates is widely expected especially after the continuous slump in the housing sector which negatively affects the economic growth in the U.S. The Euro is trading at 1.4195 and the Sterling at 2.0429 and the Yen at 114.46.
The 13-Nation currency did not experience much movement today. Since the early morning it has been fluctuating within narrow ranges at 1.4200 recording a low of 1.4172 and a high of 1.4218. The Euro Zone released the Industrial New Orders S.A for the month of August showing a rise of 0.3% lower than the expected rise of 0.9% however, higher than the prior fall of 4.0% which was revised to the upside coming at negative 2.6%. As for the yearly reading, the previous month showed a rise of 10.9% which was revised to the upside coming at 12%. Though a 6.0% rise was expected however, calendar show a rise of 5.1% lower than expectations.
The Royal currency on the other hand started the session strong as it appreciated against the dollar near yesterday's level. The sterling recorded a low of 2.0322 in the beginning of the session and later gradually inclined to record a high of 2.0450. The UK economy released the CBI Industrial Trend for the month of October showing a drop of negative 6 much less than the expected rise of 4 and lower than the previous rise of 6.
Similar to the others, the Japanese Yen is also trading within narrow ranges to take the USD/JPY pair to record a high of 114.80 and a low of 114.16.