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Message: [QUOTE="FxNet, post: 59525, member: 19407"] [b]Asian Session – Aussie gains after data shows Australian economy picks up pace[/b] Risk trades were back after the Ukraine crisis de-escalated and this was particularly evident after the S&P 500 rallied 1.5% to a record high on Tuesday. During Wednesday’s Asian session, the main data releases were from Australian, with fourth quarter GDP numbers coming in stronger-than-forecast. In other news, China provided its strongest signal yet that it will shift toward balanced and clean economic growth, promising to reduce the pace of investment to the lowest in a decade and wage a "war on pollution". Most major currencies traded a range during today’s Asian session, consolidating moves from the previous day. The unwinding safe haven trades led to a weaker yen and Swiss franc. USDJPY opened the Asian session at 102.21 after the yen was sold across the board due to outflows from safe have currencies as the Ukraine crisis eased. The pair traded a 102.11/29 range throughout the Asian session. EURJPY did little and traded a 140.25/57 range. EURUSD opened the Asian session at 1.3742 but barely moved during the Asian session , edging down about 15 pips to 1.3727. Focus is on Euro zone services PMI data later today. The main key risk for the euro will be the European Central Bank meeting on Thursday. There are mixed views on whether the ECB will take action and cut rates. GBPUSD traded sideways in Asia between 1.6656-73. UK BRC shop prices inflation data released early today had little impact. The UK services PMI data due later today will be more important while Thursday’s Bank of England policy meeting will also be a key risk for the pound. USDCHF traded a 0.8868-08877 range, remaining calm after fears of the Ukraine crisis subsided and there was less demand for the safe haven Swissie. AUDUSD opened on Wednesday at 0.8952 and the pair spiked up to 0.8995 after the better-than-expected Q4 GDP numbers. The pair then fell back down to 0.8935. Looking ahead, Eurozone services PMI data will be released in the European session today. [/QUOTE]

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