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Currency Analyst since 2010

June 11: Asian session

Asian shares outside Japan fell from a 3-year high as investors weighed valuations following a 4-day rally and after the World Bank cuts its global economic growth forecast for this year from 3,2% to 2.8%. Japanese Nikkei 225 rose by 0.5% aided by MSCI’s decision to remove South Korea and Taiwan indexes from its review list for reclassification to developed markets, keeping them in the emerging markets classification. According to Reuters, there had been speculation Tokyo equities would take the brunt of rebalancing if Korean and Taiwanese shares were reclassified to developed markets.

USD/JPY slid to 102.22. Japanese Quarterly Business Sentiment Index (BSI) survey results for Q2 register big falls. AUD/USD rose to $0.9390. Westpac Consumer Sentiment improved. NZD/USD rose to $0.8556. The kiwi was a solid gainer ahead of the RBNZ monetary policy meeting.

EUR/USD tested $1.3520 before returning to $1.3540. GBP/USD dipped to $1.6738 before returning to $1.6755.

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