66
Currency Analyst since 2010

May 22: Asian session

USD weakened yesterday after dovish comments from the FOMC’s Bullard and Dudley. The markets are now waiting for Ben Bernanke’s speech and the FOMC minutes at 14:00 and 18:00 GMT respectively.

EUR/USD extended recovery and tested $1.2940 on Wednesday. Yesterday the pair closed above the $1.2900 mark. The European leaders are gathering in Brussels today to discuss taxation policies with a particular focus on how to improve the efficiency of tax collection.

USD/JPY is trading at 102.50. The Bank of Japan affirmed a plan to double the monetary base over 2 years at today’s meeting. The central bank will expand the supply of money in the economy by 60 trillion yen ($585 billion) to 70 trillion yen a year, as pledged in April. Japan’s exports missed estimates in April and the trade deficit increased, data today showed.

AUD/USD is once again trading below $0.9800. Westpac Consumer confidence in Australia came in at the worst rate over a year this May dropping by 7% on the monthly basis. NZD/USD slid below $0.8150 after spiking to $0.8210 yesterday.

GBP/USD is consolidating around $1.5150 after having dipped to $1.5110 yesterday. Watch the MPC meeting minutes later in the day. USD/CAD is trading at 1.0270 after having jumped to 1.0320 on Tuesday on bets the Fed could trim QE.

Scroll to top