Australian GDP rises but aussie gains were limited

AUD/USD opened in Asia at 0.7816 and traded in a tight 0.7808-22 range prior to the Australian GDP data release. The numbers were better than previous, coming in at 0.5% versus 0.4%. Gains were capped at 0.7850 and aussie fell back as today’s data was not solid enough to change expectations of eventual RBA easing.

USD/JPY did little in the Asian session. After yesterday’s drop to 119.55 the pair edged a bit from 119.76 to 119.49 in line with Nikkei weakness before bouncing. US ADP jobs data are in focus today, while Friday’s nonfarm payrolls will be the main risk event for dollar. EUR/JPY saw no bounce, off from 133.88 to 133.61 and steadying. The bias remains down but flows and interest insignificant ahead of tomorrow’s ECB meeting.

EUR/USD opened in Asia at 1.1175 after a sluggish US session. It again barely moved in Asia, holding between 1.1167-85. Despite the run of better than expected Euro zone data and mixed to weaker US data, the euro remains under pressure due to diverging central bank expectations and interest rate differentials. The ECB meeting tomorrow is the main focus for this pair as well as Friday’s US nonfarm payrolls data.

GBP/USD edged up to 1.5375 before falling back to 1.5346. EUR/GBP treaded water between 0.7274-78.

USD/CHF dipped early with USD/JPY to 0.9601 before bouncing later to 0.9624. EUR/CHF treaded water between 1.0734-45.

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