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Yen rose as Japan's fourth-quarter economic growth was revised up by 0.3 percentage points on Tuesday to a still gloomy annualised pace of -1.1 per cent, as the economy continues to stutter. The weakness of the data raises the pressure on the BoJ to consider further easing as spring wage negotiations reach a climax at the time of its policy meeting next week.
The Australian dollar fell as China's export slump deepened in February, highlighting the challenge for policy makers seeking to keep the economy humming at home while trade acts as a brake on growth. Overseas shipments tumbled 25.4 percent in U.S. dollar terms from a year earlier, the biggest decline since May 2009. Imports extended a streak of declines to 16 months, slumping 13.8 percent, leaving a trade surplus of $32.6 billion. The week-long Chinese new year holidays fell in February this year, closing factories and curbing shipments.
EUR/USD: during the Asian session the pair traded in the range of $1.1010-25
GBP/USD: during the Asian session the pair traded in the range of $1.4240-75
USD/JPY: during the Asian session the pair fell to a Y112.75
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