Currency Analyst since 2010

Jan. 8: Asian session

Asian shares rose after US trade deficit shrank to the 4-year minimum boosting expectations for American economic growth while a lessening of sovereign strains in Europe lifted stocks there to the highest since 2008. The bright sentiment is strengthened by reports that the IMF will raise its forecast for global growth in about three weeks. Japan’s Nikkei added 1.2%. Some other regional markets remain out of favor as funds flock to assets in the western world. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%.

USD/JPY returned to 105.00 after testing levels below 104.00 earlier this week. Australian and New Zealand dollars attempted to recover in early days of January, but are trading sideways after peaking on Jan. 3. AUD/USD is consolidating in the $0.8905/40 range, capped by the $0.9000 mark. NZD/USD is trading in the flat $0.8250/8300 range after meeting resistance at $0.8315 on Jan. 3.

EUR/USD rose to $1.3635. GBP/USD is trading in the $1.6400 area.

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