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Currency Analyst since 2010

Sep. 4: Asian session

EUR/USD is trading under a slight pressure in the $1.3175/60 range after the yesterday’s quick dip to $1.3140. European stock indices closed in the negative zone yesterday. Today watch the Spanish and Italian services PMIs and euro zone retail sales data. GBP/USD is consolidating in the $1.5570/50 range. Yesterday the cable formed a second consecutive candle with a long upper shadow. Great Britain is scheduled to release services PMI at 8:30 GMT. The figure is expected to come lower, than in August, but still to remain at a high level.

USD/JPY keeps trading on the upside. The pair’s once again testing resistance at 99.70 after it reached 99.86 yesterday, but failed to close there. Yen initially gained after an earthquake shook buildings in Tokyo. The moves in the currency were limited given the size of the quake wasn’t that big. For now Japanese stocks have switched to the positive territory. USD/CHF is approaching yesterday’s high at 0.9380. US dollar feels rather well amid signs the US economic recovery is gaining traction. The Fed releases its outlook survey known as the Beige Book today at 18:00 GMT.

AUD/USD touched $0.9105. Australian dollar climbed as the nation’s GDP grew 0.6% from the previous quarter, when it expanded a revised by 0.5%. NZD/USD keeps consolidating below $0.7840. USD/CAD dipped by 10 pips to 1.0530. The Bank of Canada will meet today at 14:00 GMT (no rate change is expected).

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