Forex news for Asia trading on Wednesday 2 June 2021

USD/JPY has inched higher during the session, up towards 109.65. We had a BOJ speaker, a dovish speech (they usually are) which helped but the yen was softer well before. EUR, AUD, NZD, CAD, GBP are all a little higher against the dollar and thus the yen also.

AUD/USD had an attempt at 0.7770 again early in the session, and managed to pierce it (ever so briefly, high circa 0.7773) following the release of a beat for Q1 GDP data. As I update AUD/USD is tracking in a small range just under 0.7770. Australia's second-most populous city (Melbourne) has had lockdown restrictions extended for another 7 days on top of the original 7 days (to June 10) while the surrounding regional areas in the rest of the state have had an easing back of restrictions. While Q1 GDP was a beat Q2 may be more challenging if this lockdown extends further again, this time around there is no federal government wage/job support - that measure has expired.

Comments from Japan economy minister Nishimura today indicated he is beginning the process of getting the UK to join as a member of the TPP (Pacific free trade agreement) - some good news for the UK and trade.

The People's Bank of China set the CNY a little weaker today for the first time in 4 days.

The Turkisk lira collapsed to a record low against the USD after President Ergodan urged the central bank to cut interest rates, saying that would help reduce inflation (yes, really).

Forex news for Asia trading onWednesday2June 2021

Still to come out of Australia and the RBA: