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01:00 Japan BOJ Governor Haruhiko Kuroda Speaks
01:30 Australia Building Permits, m/m June -4.3% Revised From -1.1% +2.2% -6.9%
01:30 Australia Building Permits, y/y June -2.2% Revised From -3.2% 0.0% -13.0%
03:05 Australia RBA's Governor Glenn Stevens Speech
The yen weakened as Asian stocks rebounded, reducing demand for haven assets.
The Bloomberg U.S. Dollar Index headed for its biggest monthly decline in more than a year before a two-day Federal Open Market Committee meeting begins.
The greenback traded near a six-week low versus the euro ahead of data tomorrow forecast to show the U.S economy expanded at a slower pace. U.S. growth probably slowed to a 1 percent annualized rate from April through June, compared with 1.8 percent in the previous three months, according to the median estimate in a Bloomberg News economists poll ahead of tomorrow’s report.
Fed Chairman Ben S. Bernanke said this month that any reduction in stimulus would depend on the economy’s performance.
The Aussie dropped after Reserve Bank of Australia Governor Glenn Stevens signaled there is still room for interest rates and the currency to fall.
The euro stayed lower before the European Central Bank sets policy on Aug 1.
EUR / USD: during the Asian session the pair traded in the range of $ 1.3245-65
GBP / USD: during the Asian session the pair fell to $ 1.5315
USD / JPY: during the Asian session the pair rose to Y98.60
Moves seen as market positions itself ahead of the BOE MPC announcement Thursday, with US Q2 GDP and FOMC providing risk elements ahead. A very light domestic data calendar for today with moves to come from end month adjustments, as well as continued position plays ahead of a data/event filled end of the week.
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