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Currency Analyst since 2010

June 2: Asian session

Asian stocks rose after a gauge of China’s manufacturing expanded at the fastest pace in 5 months (to 50.8 vs. the forecast of 50.7) and policymakers said they will cut the reserve requirement ratio for some lenders. MSCI Asia Pacific Index gained 0.5%. Nikkei 225 rose by 2% rising to the 8-week high.

USD/JPY rose above 102.00. Despite the better Chinese weekend data, AUD/USD fell by about 50 pips to $1.0257 as Australian building approvals contracted by 5.6%, while median dwelling prices for the nation’s capital cities dropped 1.9%. NZD/USD is testing levels below the 100-day MA at $0.8477.

EUR/USD declined to $1.3620. GBP/USD slid to $1.6737.

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