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Currency Analyst since 2010

August 14: Asian session

The Dollar Index held a 3-day gain as encouraging figures released in the America on Tuesday increased expectations that the Fed will taper monetary stimulus in September. US data due tomorrow may show manufacturing in the New York region expanded at the fastest pace in 6 months and unemployment claims declined.

EUR/USD keeps testing support at $1.3260. Yesterday euro fell as low as $1.3232, but then closed at $1.3260. Demand for the single currency was supported before a report which may show the region’s GDP rose ending the longest recession (09:00 GMT). GBP/USD is little changed at $1.5440. Yesterday the pair spiked up to $1.5512, but failed to hold there. UK is to release unemployment data and the MPC meeting minutes (08:30 GMT).

USD/JPY closed above 98.00 yesterday after gaining more that 100 pips and is now trading in the 98.20 area. USD/CHF gained 70 pips yesterday and is trading on the upside at 0.9335 today. USD/CAD rose to 55-day MA at 1.0360.

AUD/USD is down for the third day in a row and is trading below $0.9100. NZD/USD rose to $0.7980, up from the low of Tuesday at $0.7934. New Zealand’s data brought a positive surprise: retail sales gained 1.7% (forecast: 1.4%), while core retail sales increased by 2.3% (forecast: 1.3%).

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