The Aussie knocked lower in the Tokyo trading session, hitting the 0.7760 level after being driven lower by a flatlining Reserve Bank of Australia (RBA) Meeting Minutes report.
RBA minutes: Board agreed there was not a strong case for near-term move in policy
Further adding to the AUD/USD's lack of motivation was China's GDP figures, which showed a small but worse-than-expected decline in the quarter-on-quarter figures and missed expectations, although the year-on-year figures balanced with a small beat on the forecast 6.7 percent. As noted earlier, "the world's second-largest economy expanded 6.8 percent year-on-year in the first quarter, beating the estimated slowdown to 6.7 percent, the official data showed. However, the industrial production printed at 6% year-on-year in February vs 6.2 percent expected. Meanwhile, consumption, as represented by retail sales, increased 10.1 percent, beating the estimate of 9.9 percent and up from the previous month's print of 9.7 percent. The currency pair will likely remain under pressure in Europe as traders may price-in the delay in RBA tightening. Also, action in the equity markets could influence the Aussie dollar."