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22.06.2016 06:48

Asian session: tight ranges across the board

During the Asian session, the currency pairs traded in narrow ranges as markets are waiting for the results of the referendum in the UK, which will be held tomorrow.


One of the polls showed majority for Brexit supporters camp - the UK out of the EU. Two polls on Monday indicated that Brexit opponents have restored the balance in the run-up to the referendum. The probability of "remain" on the vote on Thursday rose to 78% from 60% last week, according to the latest Betfair data. "Polls seem to indicate a growing support for" remain, "but we will not know anything for sure until we see the results," - said Kёsuke Suzuki from Societe Generale.


The euro is trading lower. The main pressure on the currency was a statement of ECB President Draghi, who hinted at a willingness to adopt new stimulus if needed. "Downside risks are still significant due to the continuing unstable situation of the global economy and geopolitical events. We will closely follow the development of price stability and we are ready to act, using all the tools available within our mandate, if necessary to achieve our objectives. The ECB is ready for any contingency after the referendum in the UK ", - said Draghi.


In addition, Fed Chaiwoman Yellen'n comments came in focus. "The FOMC will raise rates gradually, paying attention to both the current dynamics of the GDP, employment and consumer prices, and the prospects of macroeconomic indicators", - said Yellen. According to Yellen, the world economy is still vulnerable and a potential exit of Great Britain from the EU can have serious economic consequences not only for the country itself but also for the world, including the United States.


The Australian dollar strengthened slightly, which, to some extent was caused by data released today. The index of leading economic indicators from Australia rose in April by 0.20%. The previous value was revised from 0.25% to 0.1%.

On an annual basis, the pace of economic growth from Westpac rose from -1.19% in April to -0.42% in May. The index continues to point to sub-trend growth. In May there was a significant improvement and it was the best indicator since October 2015. Falling commodity prices, over the past two years, now have a neutral effect on the rate of growth of the index.

The Canadian dollar has risen little bit against the background of rising oil prices. Futures price for Brent crude oil for August delivery on the ICE exchange in London today was $ 51.07 per barrel.


EUR / USD: during the Asian session, the pair was trading in the $ 1.1235-55 range

GBP / USD: during the Asian session, the pair was trading in the $ 1.4655-80 range

USD / JPY: during the Asian session, the pair was trading in range Y104.35-50 range

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