The U.s Dollar remains weak against the major currencies as the Yen and Euro both test long term highs. The Pound has gained too. Retail Sales numbers will come from the U.K today.
EUR/USD: Traders Looking for Reversals need to be Cautious
And just like that, the Euro is once again testing long term highs. Having been beaten back the past couple of weeks from its January summit, the Euro has fought upwards and is above the 1.25 mark versus the U.S Dollar. Traders looking for reversal downwards from the European currency need to be cautious.
USD/JPY: Trend for Japanese Currency Strong
The Yen has gotten stronger this morning on the news Prime Minister Abe has re-nominated Bank of Japan Governor Kuroda for another term. The Yen is near 105.60 against the U.S Dollar. The trend for the Japanese currency has been strong, and traders may want to continue selling the U.S Dollar versus the Yen near term.
GBP/USD: Pound Winning Streak Continues Short Term
The Pound is near 1.4150 versus the U.S Dollar having continued its short term winning streak. Retail Sales will come from the U.K today, but only a real surprise in the data may impact the British currency. Trading sentiment is being impacted by global central bank considerations and may remain rather volatile, but the Pound’s strength has been steadfast.