 The forex markets are rather subdued in today's Asian session, with major currency pairs and crosses largely trading within yesterday's ranges. Australian Dollar strengthened slightly, ignoring significantly weaker-than-anticipated job data. Instead, it's lifted by rebound in Asian stock markets and stabilizing risk sentiment. However, the momentum behind Aussie's rebound appears weak and limited, suggesting it may be merely in consolidation before another selloff. Central bank commentary from both Fed and ECB has been plentiful but has yet to significantly influence market movements. ECB is widely expected to implement a rate cut in June, aligning with previous communications. In contrast, Fed would maintain its policy stance for longer, as the disinflation process in the US has shown signs of slowing down, or even stalling this year, which precludes any immediate policy loosening. |
