June 5: Asian session
Asian shares swung between gains and losses after better-than-forecast data on US service industries and as investors await the ECB policy decision.
USD/JPY declined from 102.75 to 102.50. AUD/USD recovered to $0.9290 after a quick dip to $0.9260. Aussie dipped on the unexpected Australia trade deficit figures, but soon rebounded despite the lowered China HSBC Services PMI. NZD/USD strengthened to $0.8450 before retracing down by 20 pips. Economists at Westpac cheered the market up by saying the RBNZ is likely to be more hawkish than expected on the next week’s meeting. Gold consolidates in a narrow $1241.8/1244.7 range.
EUR/USD is little changed at $1.3600. GBP/USD edged up to $1.6750.