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Currency Analyst since 2010

August 13: Asian session

EUR/USD is trading in the $1.3300 area after it declined by about 20 pips yesterday. There’s plenty of important data to be released in Europe and the US today. Watch German ZEW economic sentiment (according to the forecasts, the index may rise to a 5-month high) and the euro zone’s industrial production figures at 09:00 GMT and US retail sales (!) and import prices at 12:30 GMT as well as business inventories at 14:00 GMT. GBP/USD is little changed at $1.5460 after declining from $1.5480 yesterday. Britain will release inflation data at 08:30 GMT.

USD/JPY rose to 97.55. There was a headline today that Japanese Prime Minister Abe intends to cut corporate tax rate in order to offset negatives of sales tax hike. This is a positive factor for Nikkei and USD/JPY. Tonight’s data showed Japan core machinery orders contracted less than expected (-2.7% m/m vs. -7% expected). USD/CHF strengthened to 0.9265.

Aussie and kiwi are trading under pressure for a second day in a row. AUD/USD strengthened to $0.9135 after having hit the $0.9100 mark earlier in the session.  Australia July NAB business confidence came at -3 (prior: 0). NZD/USD is trading in the negative zone slightly below $0.8000. New Zealand is scheduled to release retail sales data tonight (forecast – improvement). USD/CAD keeps consolidating in the 1.0300 area.

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