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May 7: Asian session

USD/JPY slipped back below the 99.00 mark. Japanese banks opened after a 4-day weekend with yen strengthening on Japan Fin Min comments.

AUD/USD plummeted to $1.0180 as RBA cut its cash rate to the record low of 2.75%. Meanwhile, Australian trade balance showed surplus for the first time since Jan. 2012. NZD/USD fell below 0.8500.

EUR/USD is consolidating a bit below the $1.3100 mark. The single currency is slowly recovering from yesterday’s ECB Draghi’s dovish comments. GBP/USD is trading at $1.5540. USD/CAD remains below 1.0100.

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