The Australian dollar fell because of disappointing data from China

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The Australian dollarThe Australian dollar fell because of disappointing data on the volume of industrial production, investment in fixed assets in China and retail sales, which is an important trading partner of Australia.

In China, investment in fixed capital increased in July by 8.1% year on year, while expected to grow by 8.8%. The volume of industrial production rose by 6.0% year over year, instead of the expected 6.1% and retail sales – by 10.2% instead of 10.5%.

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Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY

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EUR/USD: Bullish: Next target at 1.1450

ForexAs mentioned yesterday, while short-term momentum does not appear to be very strong, the strong rally that started late last week appears incomplete. The immediate target of 1.1400 was exceeded and the focus is on 1.1450 now. At this point, we are not advocating partial-profit taking as a clear break above 1.1450 would considerably increase the odds for further up-move towards 1.1495/00.

GBP/USD: Neutral: In a broad 1.4350/1.4730 range. [No change in view]

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US growth revised up

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The US economyThe US economy’s slowdown at the start of the year was not quite as bad as first thought, thanks to a bigger boost from housing and less drag from business investment and trade.

GDP rose at an annual rate of 0.8% in the first quarter – slightly better than the 0.5% first estimated – the Commerce Department said.

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Against ex-president of Argentina Kirchner brought the case for currency trading

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Ex-president of Argentina Cristina KirchnerEx-president of Argentina Cristina Kirchner became a defendant in the case in connection with the currency futures market, the implementation of the Central Bank of the country, according to La Jornada.

Judge Claudio Bonadio filed a case against Kirchner not only, but also against the former Economy Minister Axel Kisilofa country and the former head of the Central Bank of Argentina, Alejandro Vanoli. For each property of the accused arrested in the amount of $ 1 million.

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Pound Squeeze Continues

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ForexIt tough to get excited about these markets ahead of the FOMC (Wednesday) and BoJ rate (Thursday) announcements this week. Investors prefer to remain non-committed ahead of the meetings, choosing instead to wade to the sidelines and wait for a stronger market signal.

The Federal Open Market Committee (FOMC) starts its two-day conclave later today, but the announcement will not come until Wednesday at 2:00pm EDT. No changes are expected in rates, and fixed income dealers see only a one-in-five chance of a Fed rate hike in June, though the bank has kept the door ajar for a June rise. The event risk is that the market is more likely to have a ‘hawkish’ surprise than a ‘dovish’ one.

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