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Despite the UK data beat, AUD leads

USD
  • The Dollar is mostly in the red into the EU cash Govie open, and despite the UK data beat, the AUD is the best performer, up 0.45%, helped by the Chinese growth data.
  • Risk is underpinned, although futures saw some small divergence on the open, with Estoxx fading a few points lower on the UK data, while Emini trades near its intraday high, ahead of another big day for US Earnings today (BoA, GS, JnJ, Netflix).
  • AUDUSD needs a test to 0.6759 to cancel the US Michigan sells off, after the data beat expectation, and 1yr inflation jumped to 4.6% vs 3.7% consensus.
  • A test to 0.6775 would unwind the start of the unexplained US Retail Sales sell off, after the latter missed expectations.

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