Currency Analyst since 2010

May 23: Asian session

US dollar strengthened as home sales rose and before US data which are released today forecast to show jobless claims decreased. In addition, the Fed’s Chairman Ben Bernanke said yesterday the central bank may taper monthly bond purchases if it’s confident of sustained gains in the economy.

EUR/USD touched $1.3000 on Bernanke’s comments yesterday, but reversed from there and is trading around $1.2850 as of writing. The ECB President Draghi will deliver a speech later on Thursday.

USD/JPY is back at 102.50 after touching 103.73 yesterday. AUD/USD hit fresh 11-month low at $0.9616 as a private report showed China’s manufacturing is contracting for the first time in 7 months (HSBC Flash Manufacturing PMI came at 49.6 vs. 50.5 expected). NZD/USD fell to $0.8018

GBP/USD is consolidating at $1.5050 after the yesterday’s drop. The yesterday’s weak UK figures increased pressure on the sterling. USD/CHF is at 0.9770 after reaching 0.9839 yesterday. USD/CAD jumped by more than 100 pips yesterday and closed aе 1.0360. Today the pair is trading at a fresh yearly high at 1.0370.

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