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Very strong Australian GDP numbers have negated the negative major sentiment that followed Asian stock markets moving lower in early trade, and left some pairs going higher, and some still losing ground against the dollar. Ahead of a huge week of economic releases there will be plenty of set-ups, but right now it looks as though a swing back towards selling the dollar may come from the Australian release.
However, the other major pairs are a long way from offering what the aussie just saw back it; growth it seems is not a real issue for Australia, few regions will be able to say that this summer. Right now we may have a period of consolidation while the market awaits the afternoon Japanese session and the momentum from European trade.