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Currency Analyst since 2010

June 6: Asian session

EUR/USD edged higher to $1.3100. Today is the ECB’s monetary policy decision and Mario Draghi’s press conference (11:45 and 12:30 GMT). Market players will be watching whether Draghi mentions anything regarding the possibility of negative interest rates. Also pay attention to French and Spanish 10-year debt auctions.

USD/JPY dipped below 99.00, but later has found some support, recovering to 99.45. Today’s data showed that Japanese investors are selling more and more foreign bonds and stocks. Japan’s chief cabinet secretary Suga said today that it will take time for the whole country to escape deflation.

GBP/USD is trading at $1.5400. The Bank of England also meets today (11:00 GMT). This is the last meeting for Mervyn king, the outgoing Governor of the central bank. The BoE is expected to keep policy unchanged.

AUD/USD extends losses and has renewed a low at $0.9435. Data showed Australia’s April trade balance came at +28M vs. the previous +555M. NZD/USD dipped to $0.7900.

USD/CAD is on the upside, at 1.0350, after yesterday’s doji candle spiking to 1.0380. New Bank of Canada governor Stephen Poloz speaks today (12:45 GMT). Canada will also release Ivey PMI (14:00 GMT). USD/CHF is consolidating at 0.9420.

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