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August 28: Asian session

Asian shares declined as a rising yen dragged Japanese stocks lower. The MSCI Asia Pacific Index slid 0.2%. USD/JPY declined to 103.70.

The US dollar weakened before the US publishes today a second estimate for GDP, which probably rose an annualized 3.9% in Q2 vs. 4.0% initial reading. EUR/USD rose to $.3216. GBP/USD went up to $1.6600.

AUD/USD extended the upside, testing $0.9370 in the Asian session. Australia private capital expenditure figure surprised the markets to the upside. CapEx unexpectedly increased by 1.1% in Q2 (forecast: -0.6%, Q1: -2.5%). However, the details of the report (plant equipment) are not so optimistic and made many economists revise down GDP prospects. NZD/USD is currently testing the $0.8400 mark to the upside. RBNZ disclosed its currency reserves data: the central bank sold 2 million NZ dollars in July.

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