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Currency Analyst since 2010

June 11: Asian session

EUR/USD has reached $1.3290 today. Today the German Constitutional Court starts a 2-day public hearing on the legality of the European Central Bank’s “outright monetary transactions” (OMT) program. According to Associated Press, the Court is not expected to reject the OMT, but it may ask for additional guarantees or transfer the case to the European Court in Luxembourg.  

USD/JPY slipped to 98.20 following the yesterday’s recovery above 99.00.  As a result of a two-day meeting, the Bank of Japan announced that the monetary policy remains on hold. The regulator has upgraded its economic assessment and underlined that some indicators suggest a rise in inflation expectations. Watch the Kuroda’s press-conference outcome at 7:15 GMT.

GBP/USD edged higher touching $1.5600. The UK will release today manufacturing and industrial production data at 08:30 GMT, economists expect weaker readings. USD/CHF is consolidating around 0.9325 following the yesterday’s test of 0.9420. USD/CAD is consolidating in the 1.0210/0170 area.

AUD/USD strengthened to $0.9480 on Monday, but failed to close the bearish gap. On Tuesday Aussie returned to the downside and has tested $0.9385 (lowest since September 2010), but is trading a bit above $0.9400 as of writing. Australia’s home loan growth came below the forecast at 0.8% m/m (previous: +4.8%, forecast: +2.1%). NAB business confidence came at -1. NZD/USD slipped to $0.7870, but remains above the yesterday’s low at $0.7820 (13-month high).

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