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Forex: EUR/AUD rockets higher as China Data spurs Aussie weakness

FXstreet.com (Barcelona) - The EUR/AUD closed the US Session sharply higher up 174 pips at 1.2647. The Aussie Dollar suffered losses across the board as the selling, which initiated during the Asia session after the China GDP release, intensified during the European and US Sessions.

Reaction to the RBA Minutes release earlier has been fairly quiet with the pair flat on the session. “With growth forecast to be a little below trend in 2013, and inflation close to target, members judged that it was appropriate for the stance of policy to be accommodative. The outlook for inflation, as currently assessed, would provide scope for further easing should that be necessary to support demand,”according to the RBA Minutes release.

The FXStreet.com Trend Index is reading slightly bullish on the daily chart, while the OB/OS Index is Neutral. Price is also trading above both the 9dma and 20dma, and both moving averages are upward sloping which is another constructive development.

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