June 8: Asian forex session

June 7, 2013

EUR/USD is trading around $1.3250 after it peaked at $1.3305 yesterday and closed at $1.3243 (highest daily close since late February) adding about 150 pips. Euro soared as the ECB President Mario Draghi didn’t hint at any further easing. Attention has turned towards key US jobs figures due at 12:30 GMT (NFP is expected to add 167K). In Europe Germany and France will release trade balances and France will also publish budget balance.

USD/JPY dropped by 200 pips to 95.50 after having topped at 97.50 in the early Asian trade.  Later the pair recovered to the 97.00 level. Today there were numerous comments from the Japanese officials, but they couldn’t stop yen’s appreciation. Note that on Sunday Japan will release its current account data.

GBP/USD is trading in the $1.5600 area after peaking at $1.5683 yesterday and gaining about 200 pips. UK releases trade balance today. USD/CHF is consolidating slightly below 0.9300. Switzerland will release foreign currency reserves data at 7:00 GMT. USD/CAD is trying to hold above 1.0260 after it hit 1.0197 yesterday. Like the US Canada will publish employment data today.

AUD/USD fell to $0. 9465 after the yesterday’s close in the positive territory at $0.9590, and then recovered to $0.9500. Sentiment towards the Aussie was down as the Australian stock market fell, largely on the back of the bad news from a big resources company Newcrest. Market will be looking at Chinese data on the weekend: trade balance on Saturday and a bunch of releases on Sunday, including the CPI. NZD/USD is trading at $0.7970 following a dip to $0.7945.

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