Currency Update: The AUD fell just shy of USD 0.9000 after Australian Bureau of Statistics' data showed GDP expanded in last three months of 2013

Currency Update: The AUD fell just shy of USD 0.9000 after Australian Bureau of Statistics' data showed GDP expanded in last three months of 2013. Q4 GDP rose 0.8% q/q and 2.8% y/y suggesting momentum in the Australian economy may be picking up. The major surprise was stronger-than-expected consumer spending which rose 0.8% q/q in the quarter. The household savings rate fell from a downwardly revised 10.6% to 9.7%. In China yesterday, the Central Government announced their annual growth targets - while it maintained its growth target at 7.5%. It lowered investment targets and raised targets for consumption. It also declared 'war on pollution' and flagged continued curbs on speculative behaviour in the property market. The US Dollar ended lower as markets got some respite from the European geopolitical tensions and moves in global equities were modestly mixed.