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ForexLive Asia FX news wrap: Sideways FX session

Forex news for Asia trading on
Thursday
3
June 2021

Major
FX has moved very little during the session here so far in Asia. News
flow has been light and, obviously, of negligible impact. Data flow,
on the other hand, has been plentiful (see bullets above) but also,
and again obviously, non impactful. “Awaiting the nonfarm payroll
data from the US” has been today’s excuse and with Friday still
to come in the timezone will likely be tomorrow’s
as well.

In
summary the US dollar has inched a little higher during the session,
with gains against AUD, NZD, yen, EUR. All tiny though.

Oil
stretched its gains even higher, an
increase in expected demand is cited as economies improve (a key
benefit, alongside health, of vaccination rate increases) while
supply discipline from OPEC+ remains in place, for now. The
private survey of oil stocks shopwed a much larger than expected draw
in headline inventory.

Gold
and Bitcoin have given back a little.

The
People’s Bank of China weakened the onshore yuan a little at the
reference rate setting again today. 

Still to come from Australia today is some sort of expected further fiscal support for COVID-19-locked down Melbourne. We’ll see. 

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