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Currency Analyst since 2010

June 14: Asian session

The US released good retail sales and unemployment claims data. However, USD remains under pressure as a bounce-back in global equities made investors favor EUR and commodity currencies.

EUR/USD has dipped to $1.3278 yesterday, but then recovered to the levels just below $1.3380. At the moment of writing the pair was in the $1.3350 area. GBP/USD peaked t o $1.5737 yesterday and is trading around $1.5700. USD/CHF rebounded above 0.9200. USD/CAD hit 1.0147 yesterday and is now trying to recover.

It was a volatile session for USD/JPY: the pair rebounded to 95.80, then dipped to 94.40 and is now trading around 95.00. Dollar still holds above the yesterday’s two-month low of 93.80. Last night the Bank of Japan released minutes from its May 21-22 meeting, but there is not much new there. Members of the regulator agreed that the economy has started to pick up. Today Japan’s cabinet approved a set of measures to boost economic growth, known as a “three arrow strategy”. Prime Minister Abe has promised to take more steps “after next month’s upper house elections”.

AUD/USD slipped back below $0.9600 after a three day bullish rebound from $0.9330 to $0.9665. NZD/USD slid from $0.8110 to $0.8050 despite the highest in 9 years New Zealand’s May manufacturing PMI (59.2 vs. 55.2 prior).

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