Currency Analyst since 2010

June 12: Asian session

EUR/USD reached $1.3317 yesterday and today it edged a bit down to $1.3300. Expectations for lower benchmark interest rates in the region decline. The ECB’s executive board member Benoit Coeure will speak today on the role of central banks in managing crisis and growth. The euro area will release industrial production figures at 09:00 GMT.

GBP/USD rose to $1.5650 yesterday and today is consolidating just below this level. Today watch for British unemployment data at 08:30 GMT. USD/JPY strengthened from the daily low of 95.70 to 96.80 following the yesterday’s 300 pips drop. Yesterday’s Japan core machinery orders unexpectedly dropped by 8.8%. USD/CHF rose to 0.9255 following the Tuesday’s sharp drop. USD/CAD has managed to hold above support at 1.0170/80 in the recent days, though on the upside it has difficulties with holding above 1.0200.

AUD/USD is trading at session lows around $0.9420 following a rise to $0.9500 earlier in the day. Westpac consumer sentiment unexpectedly rose by 4.7% vs. a 7.0% contraction in May. Yesterday the Aussie has renewed a low at $0.9330 (lowest since September 2010). NZD/USD is consolidating at $0.7870 following the yesterday’s dip to $0.7760. Today the Bank of New Zealand will release its monetary policy decision (21:00 GMT).

Demand for USD was supported before a report tomorrow that may show that US retail sales increased by the most in 3 months.

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