Currency Analyst since 2010

Mar. 6: Asian session

Asian stocks advanced. MSCI Asia Pacific Index rose 0.7% and Japanese Nikkei 225 gained almost 2% as diplomatic efforts moderated the crisis over Ukraine.

USD/JPY rose to 102.70. Japanese yen weakened after a Japanese government advisory panel said Government Pension Investment Fun, the largest pension fund in the world, no longer needs to focus on domestic bonds given quickening inflation and could turn to a bit riskier assets.

Commodity currencies are on demand today. AUD/USD jumped from the session low of $0.8975 to $0.9035 on upbeat Australia data (retail sales rose by 1.2% vs. forecasted 0.7%, trade surplus increased to 1.4B). The pair retraced lower later in the session, but holds above the key $0.9000 support. NZD/USD is trading in the positive zone, but remains capped at the yesterday’s high of $0.8940.

EUR/USD edged down to $1.3725, but is above yesterday’s low at $1.3707. Euro is under pressure ahead of today’s meeting of the ECB. GBP/USD is little changed just above $1.6700.

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