Asian stock markets rose after better than expected economic data out of China. Retail sales and industrial production both increased more than analysts had anticipated.
In FX, it was relatively quiet. The Australian Dollar had the largest move overnight, although that is only 0.30 %. RBA member Kent spoke overnight and his comments were quite hawkish, as he maintained a bullish outlook on the Australian economy. His comments did not have much of an impact on the market though, and he did not comment specifically on the Australian Dollar.
AUD/USD started the day around 0.7565 and fell to a low of 0.7535 in Asia. NZD/USD traded in a 0.7335-65 range and USD/CAD was caught between 1.3030 and 1.3055.
In the other major pairs, volatility remained low in Asia. EUR/USD consolidated between 1.1225 and 1.1240, while GBP/USD traded 1.3315-40. USD/JPY was slightly more volatile, as it fell from 102.00 to 101.40 in the early part of the Asian session, but managed to bounce from there and rallied back to 102.
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