Majors traded in a narrow ranges

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04 May 2012 @ 02:35 am EDT

The major currencies traded with slight movements during the Asian session after the previous heavy fluctuations. Asian currencies declined to the lowest level in more than a month after the worse projections for global economic recovery.

Moreover, the Australian dollar continued to drop against the greenback since the RBA cut the interest rate by 50 basis points to 3.75% during May and lowered the outlook for economic growth forecasts.

AUD/USD pair dropped heavily yesterday after the nation's jobless rate increased to the highest level since 2010, where the pair recorded the lowest level in more than three months at 0.7986. The pair trades in a narrow range recording a high of 0.8018 and a low of 0.8003.

Moving to the Japanese yen; the USD/JPY pair traded within limited ranges for a third straight day, which trades as of this writing around the 80.10 level.

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