The Yen gained against other currencies after data showed China’s economy grew 6.1% in Q1 from a year earlier. The report will continue to divide the market over whether or not the global economy is stabilising.
China is Australia’s biggest trading partner and a major buyer of global commodities. AUDJPY was sold off in seconds after the data was released, from 72.50 to 71.90, causing AUDUSD to trade down to the 7250 area.
EURJPY was hit down from 131.65 to 130.90 and the USDJPY slipped from 99.40 to 99.10
Look for Yen crosses to remain underpressure for now as intraday long positions are decreased.
