Currency Analyst since 2010

May 21: Asian session

Asian shares fell for a fourth day. MSCI Asia Pacific Index slipped 0.1%. Nikkei 225 is down by 0.2%.

USD/JPY is once again testing the 200-day MA at 101.18. Yen strengthened after the Bank of Japan refrained from expanding stimulus and said it expects a moderate economic recovery to continue. In addition, US yield premium over Japan shrank before the release of the Fed’s meeting minutes.

AUD/USD dipped to $0.9220 before recovering by 18 pips. Australian dollar held its sharpest loss in 2 months after consumer confidence dropped and iron ore prices fell to the lowest since September 2012.

NZD/USD slid almost to $0.8550, the lowest this month. New Zealand’s dollar declined after Fonterra Cooperative Group Ltd. said whole-milk powder prices declined for a seventh auction.

EUR/USD remains in the $1.3700 area. GBP/USD is trading in the $1.8635 area.

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