Aussie was a big mover this morning in the Asia-Pacific timezone, as it reacted to China’s announcement of growth and CPI targets earlier and then the Australian Q4 GDP data before reversing almost all of its earlier moves to end the Asian morning about unchanged. Aussie-dollar started at $0.8950 with market players eyeing further gains above the overnight $0.8958 high amid the risk-on environment. The pair got up to $0.8963 minutes after China announced its growth targets for 2014, which were not as weak as some had feared. The rate initially struggled to clear the $0.8965 region amid talk of sellers from $0.8970/75. The release of Australia’s Q4 GDP triggered a sharperrally, with aussie-dollar pushing through those offers to hit $0.8997, its highest in a week. Larger sellers at $0.9000 then sapped the pair’s rise, and system accounts then quickly offloaded to take profit, sending aussie-dollar quickly back down to a low of $0.8936. The pair stabilized in the afternoon, and was last at $0.8958, not far from where it had started the session.
