EUR

The EUR is slowly crawling upward against the USD but is posting solid gains for the day against the GBP. The strength came as a surprise to some market participant because this mornings IFO index from Germany came below the analysts consensus estimate.

USD

US macro data yesterday could not really lift the Greenback. Dollar bulls are still disappointed by Yellen`s dovish tone last Wednesday. This is certainly one of the reasons why traders hesitate to put up any significant USD long positions here. We see further downside for the Greenback against all major currencies.

GBP

Sterling is under significant selling pressure after BoE`s Carney was questioned today. EUR/GBP rallied and GBP/USD fell significantly below 1.70.

CHF

Swiss trade balance data this morning was exactly in-line with the estimate. No major impact on the CHF.

JPY

The yen gains today as European equity markets are on the retreat. Not a major surprise after the recent runup. Some use the word "bubble" when speaking about equity valuation worldwide.

CAD

The loonie remains resilient but volatility has calmed down somewhat after last week`s rally.

AUD

The AUD remains under pressure as traders continue to take profits following yesterday`s strong rally which stalled just 15 pips shy off the calendar year high at 0.9459.

NZD

The NZD is lower for the day as traders book profits in commodity currencies since yesterday.

XAU

Gold made a new high above 1325 USD after a bullish flag formation.