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Currency Analyst since 2010

June 21: Asian session

EUR/USD recovered from yesterday’s low at $1.3160 touching $1.3250 today. Euro snapped a 2-day decline before data today on the region’s current-account balance (08:00 GMT), which climbed to a record in March amid speculation investors repatriated funds from emerging markets. GBP/USD spiked down to $1.5414 on Thursday and is now trading just below $1.5500. Watch for UK public sector net borrowing data at 08:30 GMT.

USD/JPY dipped from yesterday’s high of 98.20 to 96.70 earlier in the day, but has recovered to 97.90. Nikkei climbed by 1.7%. Japan’s officials made some comments on the possibility of tax rate cuts. USD/CHF is consolidating around 0.9260.

AUD/USD recovered from yesterday’s lows of $0.9160 to $0.9250. Aussie found support as China’s credit fears eased. China’s repo rates reduced with average 7-day repo rate at 8.1% and 1-day repo at 7.9%, both over 3.5-4% lower on the day. NZD/USD rebounded from yesterday’s $0.7710 and has tested $0.7800. Data showed June ANZ consumer confidence improved by +0.2% to 123.9 (vs. prior +3.8% to 123.7). USD/CAD almost reached 1.0400 yesterday and is now trading in the 1.0370 area. Canada will release inflation and retail sales data at 12:30 GMT.

 

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