EUR remains under pressure, Turkey gives verdict

The USD was better bid against its G10 and EM peers in Asia, the risk appetite remains moderate. The Chinese GDP grew at the pace of 1.5% in 4Q, missed already weak market estimates (1.7% q/q exp. & 1.9% last). The GDP growth on year remained stable at 7.3% (vs. 7.2% exp.). An IMF economist said that the slower China growth will have adverse effect on trading partners as the IMF revised down its 2015 growth forecasts from 3.8% to 3.5%.
Gloomy macro news from China weighed on AUD overnight. AUD/USD legged down to 0.8160 (slightly above its 21-dma, 0.8148), the positive trend loses pace. Trend and momentum indicators remain marginally positive, yet offers at 0.8250/70 area need to be cleared for fresh upside attempt. Important resistance remains at 0.8316/20 (50-dma/October – January downtrend base).
JPY crosses were better bid in Tokyo, alongside with Nikkei stocks (+2.07%). USD/JPY advanced to 118.53, yet found sellers above the Ichimoku cloud top (118.48).
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