The Japanese yen hit fresh 20-year lows as the Bank of Japan maintains its monetary policy while other global central banks look to tighten policy. Crude oil prices traded above $120/bbl again following comments out of the UAE. In the eurozone, markets remain focused on the ECB meeting this upcoming Thursday.
June 8, 2022
EUR/USD 1.0736 GBP/USD 1.2540 USD/CAD 1.2530 AUD/USD 0.7209 USD/JPY 134.24 USD/CNH 6.6878 USD/ILS 3.3321 USD/MXN 19.6037 USD/CHF 0.9760 USD/INR 77.7350 USD/BRL 4.8633 USD/SGD 1.3756 USD/DKK 6.9238 USD/SEK 9.7670 USD/NOK 9.4415
USDThe greenback strengthened across the board on broad risk sentiment. Notably, the USD is on track to test the next technical level of 135 versus JPY.GBPGBP/USD is trading slightly lower hitting a low of 1.2513. Recent news out of the UK shows that Boris Johnson is planning to purpose legislation that would give him the power to override parts of the Brexit deal.EURMarkets await ECB meeting on Thursday. Investors are anticipating that the central bank will announce an end to net asset purchases and confirm expectations for a rate hike next month. If there is a rate hike, it will be the first in 11 years.CADThe Canadian dollar is trading slightly weaker than the US dollar despite oil prices trading above $120. Oil prices trade higher following comments from UAE’s oil minister that crude prices are nowhere near the top.ASIA/PACIFICThe Japanese yen continues to weaken against the USD and other currencies as the Bank of Japan’s policy isolation grows. USD/JPY broke above 134, hitting a fresh 20-year low and may test key technical level of 135.
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