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Session Recap: Yen smacked on growing Korea tensions and awful Chinese imports

China trade balance has been most important risk event during current Asia-Pacific session, showing a $15.3B increase, when market consensus was expecting actually a deficit of $-7.75B according to Reuters. This surplus came on the back of doubled than expected exports, and shrinking imports at lowest levels since early 2012, falling -15.2% year on year, which hurts Australian and Japanese exports.

AUD/USD sold off on the news hitting fresh session lows at 1.0235, last at 1.0246, while USD/JPY extended to another fresh 3-year highs at 95.44, highest since Aug 2009, last at 95.34 while some Japanese officials are currently speaking. Japan GDP figures mostly in line with expectations, showing a slowdown in falling economic growth, with revised 4Q GDP at 0.0% and annualized at +0.2% from previous one at -3.8%.

EUR/USD on the other hand has been relatively quiet with a timid selling pressure, printing session lows at 1.3086, off fresh weekly highs at 1.3118. Local share markets show a mixed picture, with Shanghai in the light red and Korean Kospi and Australian ASX about flat, while Nikkei is up more than +2%, and Hang-Seng is +1.35%.

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