The dollar has traded steadily against the yen in pre-Fed/BoJ announcement trading while posting moderate loses to the euro and other European currencies, but an advance of nearly 2% against the Australian dollar, which took a bath on an unexpected deflationary CPI reading in Q1 data that catalysed speculation for the RBA to cut rates at its upcoming meeting on May-3. UK Q1 GDP data matched expectations for +0.4% q/q growth and had little market impact. Nor did the OECD's backing of the UK remaining in the EU.
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