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Aussie eases down despite steady Chinese CPI

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AUD/USD opened in Asia at 0.7693 and initially rose to 0.7722 before easing back down to 0.7697. Some Australian economic data on home loans played a role. Upbeat Chinese CPI data were shrugged off. Meanwhile, weighing on the aussie are expectations for a rate cut possibly in May.

USD/JPY was quiet in Asia and traded a tight 120.44-62 range. The early Nikkei rally through 20k to 20,006.00 had little impact on the pair. EURJPY got a lift from 128.50 to 128.77 on short-covering but the bias remains down.

EUR/USD edged slightly higher in Asia but the bias remains down. The pair rose modestly from a late New York low of 1.0637 to 1.0653 at the Asia open and then 1.0684. EURJPY rose in tandem from its late New York spike low of 128.24 to 128.50 at the Asia open and then 128.77. EURGBP saw some bounce, up small from 0.7245 to 0.7256, still endeavoring to make tracks away from the 0.7228 low Wednesday.

GBP/USD did little in a general quiet Asian session today, holding between 1.4704-24 in Asia and above the late New York spike low of 1.4684.

USD/CHF moved off yesterday’s high of 0.9790 and traded in Asia between 0.9750-78 in a quiet session ahead of the weekend.

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