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Forex: AUD/USD above 1.0280 after Aus GDP

Few surprises in latest AU GDP data just released, totally in line as expected in the 4Q figure at +0.6% and +3.1% for the year on year number, in line with previous, and +0.01% better than expected, which has pushed AUD/USD to fresh session and weekly highs at 1.0279, from the 1.0270 before data was out. The pair is up +0.69% for the week so far.

Despite the fact AUD/USD opened the week quiet weak printing fresh 8-month lows Monday around the 1.0116 level, positive data on AU retail sales and current account deficit, coupled with RBA leaving rates on hold and little prospects of further cutting in the next meeting, have made Aussie to rebound more than 150 pips so far, or 2 times current daily average volatility. Local share markets are in the positive overall, with Australian ASX up +0.97%.

Immediate resistance to the upside for AUD/USD shows at Feb 28 highs/key Fibo level 1.0290, followed by Feb 21 highs at 1.0310, and Feb 14 lows at 1.0325. To the downside, closest support lies at yesterday's highs 1.0263, followed by yesterday's Asian session highs at 1.0253, and Feb 26 lows at 1.0200.

Australian on solid growth path

Australia's gross domestic product in the last quarter of 2012 came at +0.6% as expected vs an upwardly revised +0.7% in Q3 from +0.5%. On a yearly basis, the growth stood at 3.1%, 0.1 bp above the 3% market had expected, and unchanged from the last reading. Overall, the economic growth was slightly better than economists forecast. Exports were a notable contributor to the solid readings.
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Forex: USD/JPY pressing against 93.00

While still on a period of consolidation above 93.00, volatility in the USD/JPY is starting to increase, with impulsive rejections off 93.50 the norm in the last 24 hours of trading. Current price is again heading to test buyers patience towards the 93.00 level, after a second rotation away from 93.50 in the last NA session.
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