The AUD/USD has fallen 25 pips so far this morning and AUD/JPY has fallen by a bit more as traders fret over the Chinese GDP data later this morning. The very strong GDP numbers out of Singapore yesterday show that Asian economies are still resilient to the economic woes of the US and Europe but traders remain wary. The fact that the first move, albeit a small one, is down suggests to me that the market is slightly long on risk-trades and is happy to trim ahead of potential volatility.