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Currency Analyst since 2010

June 12: Asian session

 

Asian shares fell, with the regional benchmark index set for its biggest loss in almost a month, after US equities declined. The MSCI Asia Pacific Index dropped 0.4%. Nikkei 225 fell 0.8%.

USD/JPY is trading in the 102 area after dipping to 101.85 yesterday. Yen traded near a 2-week high ahead of the Bank of Japan’s policy decision tomorrow.

AUD/USD recovered back into the $0.9380 area following a dip to $0.9350. Australian labor market figures came out mixed. Employment in the country fell by 4.8K in May versus the expected 10.3K increase. The employment rate remained unchanged at 5.8% versus the forecasted increase to 5.9%.

Kiwi dollar was the main market mover today. NZD/USD jumped by 150 pips to $0.8650 on the RBNZ rate hike announcement. The interest rate was raised by 25 bps to 3.25% along with market expectations. Governor Wheeler said the inflationary pressures still exist, raising market expectations for further hikes in the coming months.

EUR/USD edged up to $1.3645. GBP/USD rose to $1.6800.

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