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The yen strengthened slightly after the speech of Deputy Governor of the Bank of Japan, Hiroshi Nakas, who noted the importance of continuing the Central Bank commitment to achieving the inflation target of 2%. The banker said that the combination of negative interest rates and bond purchases used now provides a very powerful and positive effect. However, according to Nakas structural reforms, monetary easing should be carried out "simultaneously" and still may require additional measures by the Central Bank.
Also today, it was reported that Japan's GDP in the second quarter increased compared to the previous quarter by 0.7% year on year, higher than the expectations of 0.2%. Slightly improved data on investment, increase in inventories, as well as public investment were the reasons growth was revised upwards.
The Australian dollar rose slightly on more positive than expected data on foreign trade of Australia and China. The trade balance published by the Australian Bureau of Statistics, and assessing the ratio between exports and imports of goods in July amounted to A $ -2,4 Bln. The forecast of analysts was A $ -2.7 Bln. Imports to Australia remained unchanged, while exports rose by 3.0%. As reported today by the Chinese customs administration, foreign trade surplus of China in August was $ 52.05 billion, below the forecast of $ 58.00 billion and the previous value of 52.30 billion. The total volume of China's foreign trade decreased by 1.8% year on year. China's imports in August rose by 1.5%, while analysts expected a decline to -5.0%. Chinese Exports from China decreased by 2.8%, year on year. Economists had expected a decline to -4.0%
EUR / USD: during the Asian session, the pair was trading in the $ 1.1235-55 range
GBP / USD: during the Asian session, the pair was trading in the $ 1.3330-55 range
USD / JPY: fell to Y101.40 in the Asian session
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