Euro sell off again Forex day trading

The EURUSD rallied to 1.2281 from 1.2111 on June 1, the lowest level since April 2006 for a second day as rising stocks encouraged investors to unwind EUR shorts. The EURUSD level is in line with the EU's economic condition and European sovereign risk may have a limited impact on the global economy according to Takatoshi Kato adding that the current level of the EUR isn't largely apart from the economy's medium-term fundamentals. Finance ministers and central bankers from the G20 will meet this week in Busan, South Korea to discuss the effect of the European debt crisis on currencies. Japanese Finance Minister Kato said the EU's problems will unlikely have an extremely adverse impact on the global economy, partly because emerging economies such as China, India and Brazil are robust enough to cushion any impact. The JPY weakened against all major counterparts as political uncertainty in Japan and signs the US economy is gaining traction spurred demand for riskier assets. The USDJPY was at 92.20 after it touched 92.36, the strongest level since May 18 while the EURJPY was at 113.30 before data forecast to show a continuing recovery in the US labor market. The JPY slid on speculation Japan's next leader will seek a weaker currency after Hatoyama's resignation and on speculation he will be succeeded by Finance Minister Naoto Kan, who has called for the BOJ to do more to fight deflation. The MSCI Asia Pacific Index rose 2.4% and the Nikkei added 2.6%, extending a US rebound and triggering risk appetite as Japanese investors boosted net purchases of foreign bonds to the most since September. The AUDUSD rose 0.5% to 0.8462 and NZDUSD advanced 0.4% to 0.6843 for a second day as signs of strong economic data in the US and Australia revived demand for risk appetite. Australia's trade balance swung to a surplus in April as exports of iron ore jumped by 25%, coal shipments surged 40%, exports gained 11% to A$22.7 billion and imports were unchanged in April [...]

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