Currency Analyst since 2010

June 3: Asian session

Asian stocks rose as concerns about a slowdown in Chinese economy eased. MSCI Asia Pacific Index gained 0.5%. The final reading of a China’s HSBC manufacturing PMI came in at 49.4, missing economist forecasts for 49.7 (reading below 50 indicates contraction). That comes 2 days after a government gauge signaled the fastest growth in 5 months. China’s non-manufacturing purchasing managers’ index rose from 54.8 in April to 55.5 in May.

USD/JPY is trading in the 102.35 area after rising by about 60 pips to 102.47. Commodity currencies have spent the session in the positive territory. AUD/USD recovered by 30 pips into the $0.9270 area. As it was widely expected, the Reserve Bank of Australia left interest rates unchanged at 2.50%. The regulator repeated that it sees a likely period of interest-rate stability and that the AUD remains high by historical standards. Australia’s retail sales rose by 0.2% in April vs. 0.3% forecasted. NZD/USD followed the Aussie, recovering to $0.8665. Gold consolidates around $1245 after having hit a fresh 4-month low of $1240.9 yesterday.

EUR/USD is trading in the $1.3600 area after declining from $1.3635 yesterday. GBP/USD edged down to $1.6740, but is above yesterday’s low at $1.6725.

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