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- US Dollar Retraces Gains, Japanese Yen Up as Risk Appetite Remains on Edge - British Pound Tumbles Amidst Speculation BOE Will Expand UK Quantitative Easing Program - Canadian Dollar to Face Ivey PMI on Tuesday - Swiss Franc Remains Range-Bound vs. Euro, SNB Intervention Risk Looms Australian Dollar Rebounds Ahead of Key Reserve Bank of Australian (RBA) Rate Decision The Australian dollar staged a solid comeback through the second half of the US trading session as the currency retraced most, if not all, of its losses from the European trading session against the US dollar and Japanese yen

The NZDUSD decline from .6550 is in 5 waves and suggests that the trend has turned down.? A corrective advance is underway now and price is approaching the 50% retracement of the 5 wave decline, which is at .6395.? The 61.8% is at .6430.? Expect resistance at one of these levels.? Hourly RSI is above 70 right now, so the rally may be stretched.??

Consumer confidence in the U.K. is expected to improve for the third consecutive month in June, with economists forecasting the Nationwide index to increase to 55 from 53 in May, and the data is likely to encourage an improved outlook for the region as policymakers expect an economic recovery later this year. Trading the News: U.K

Written by Terri Belkas, Currency Strategist
The British pound and commodity dollars all face high event risk from rate decisions by the Bank of England and Reserve Bank of Australian, along with Canadian employment and business activity reports. The US dollar could also feel the impact of the ISM non-manufacturing index, but ultimately, risk trends remain [...]

New Zealand Dollar Selling Ahead If Stock Markets Turn Lower Fundamental Outlook for New Zealand Dollar: Bearish -?New Zealand Trade Deficit Narrows as Imports Fall Most in 16 Years -?Candlesticks Point to Bearish Reversal as NZDUSD Breaks Channel Support The New Zealand Dollar may see considerable selling pressure in the coming week as a downward reversal in global risk appetite weighs on high-yielding and commodity-linked currencies.

Canadian Dollar To Weaken Further As Labor Market Falters Fundamental Forecast for Canadian Dollar: Bearish -?Canadian GDP Contracts in April, Factory Prices Tumble Lower in May -?USD/CAD Sentiment Mixed The Canadian dollar weakened against the greenback following the drop in risk appetite, and the loonie may continue to face increased selling pressures over the following week as the economic calendar foreshadows a weakening outlook for the world’s eighth largest economy. As a result, fears of a protracted recession could lead the Bank of Canada to take additional steps this month in an effort to stem the downside risks for growth and inflation, and speculation for further easing could weigh on the exchange rate over the near-term.

Trading the News: Reserve Bank of Australia Interest Rate Decision What’s Expected Time of release:?? ??? ? 07/07/2009 04:30 GMT, 00:30 EST Primary Pair Impact :?? ? AUDUSD Expected: ?? ??? ?3.00%??? Previous: ?? ??? ?3.00% Impact the RBA Rate Decision had on AUDUSD over the last 2 months mont hs ? Period Data Released Estimate Actual Pips Change (1 Hour post event ) Pips Change (End of Day post event) June 2009 06/02/2009 09:00 GMT 3.00% 3.00% +10 +116 May 2009 05/05/2009 09:00 GMT 3.00% 3.00% –4 +17 June 2009 RBA Rate Decision The Reserve Bank of Australia kept the benchmark interest unchanged at 3.00% for the second consecutive month in June, but continued to hold a dovish outlook for future policy as price growth falters. The RBA minutes said that the current policy in place ‘would be consistent with fostering sustainable growth and low inflation,’ but continued to see scope for ‘some further easing’ as the outlook for global growth remains weak

Current Yesterday USD 0.26688 0.26813 GBP 0.54750 0.55000 EUR 0.26625 0.27250 JPY 0.12375 0.12625 CHF 0.08667 0.09500 AUD 3.09250 3.10000 CAD 0.19000 0.19500 NZD 2.28750 2.31500

The Reserve Bank of Australia kept interest rates unchanged at 3.00%, as expected. RBA Governor Glenn Stevens sounded cautiously optimistic, saying the…