ForexLive Asian market wrap: Australian GDP growth slower than expected

Latest Australian GDP data shows slower than expected growth China commerce minister says Yuan at appropriate levels Takes aim at US trade policies against China Japan FX reserves fall from record highs UK shop price inflation edges lower UK permanent job growth improves Regional stockmarkets fall by 0.75% on average Gold $1675/oz; Oil $105/bbl Once again it was the AUD at the centre of attention, as poor GDP data sent the AUD lower across the board. AUD/USD fell towards 1.0500 but Sovereign buying ahead of a barrier helped limit losses. The GDP data will renew calls for a rate cut next month and the escalating Chinese rhetoric regarding the Yuan and also possible trade restrictions, didn't help Aussie sentiment. EUR/AUD also made some modest gains on short-covering. Ranges: 1.0505/72 USD/JPY has had a choppy session inside a 40 pip range with cross flows again the main factor. Ranges: 80.56/94 EUR/USD was bolstered by Sovereign buyers at 1.3100 and the presence of these were enough to encourage some mild EUR/JPY and EUR/AUD buying as well. Rallies were slow and lacked any strong momentum. Ranges: 1.3110/50 Cable 1.5708/39; EUR/CHF 1.2045/55