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Currency Analyst since 2010

June 26: Asian session

US dollar strengthened as American data kept improving. Today watch the release of the nation’s final Q1 GDP at 12:30 GMT. Economists expect the confirmation of 2.4% growth estimate.

Shanghai Composite index is trading down by 0.5%, but is feeling much better on Wednesday. However, China Securities Journal expects it will be July before significant improvement in liquidity is seen. Meanwhile, gold plummeted to a new low just below $1250.

EUR/USD met resistance at $1.3150 yesterday. Today euro touched a 3-week minimum at $1.3956 after the ECB President Mario Draghi said yesterday the region still requires loose monetary policy. He is scheduled to speak today as well. European finance ministers will meet today to discuss the distribution of costs in future collapses of European banks ahead of EU summit on Thursday. The latest round of conversation hit an impasse over the weekend.

GBP/USD is standing still around $1.5420. The Bank of England will release its Financial Stability Report at 09:30 GMT accompanied with a speech from the outgoing governor Mervyn King. At 11:30 GMT Britain will release Government Spending Review. USD/JPY touched 98.20, but later returned back below the 98.00 mark, testing 97.60. USD/CHF is consolidating slightly below the 0.9400 mark.

AUD/USD is consolidating in the $0.9240/80 area, higher from Monday’s low of $0.9150. NZD/USD is trading in lower part of the $0.7715/50 range. New Zealand is scheduled to release its trade balance (trade surplus is forecasted to increase) and ANZ business confidence tonight. According to RBNZ Governor Wheeler, economy will face challenges in the next 3 years. USD/CAD is testing levels below 1.0500.

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