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Mar. 12: Asian session

Asian shares declined on concerns about China’s economic outlook ahead of the nation’s industrial production and retail sales data due tomorrow. Ukraine with its uncertainty added to the negative sentiment. MSCI Asia Pacific Index declined 1.4%.

Japanese Nikkei 225 is down by 2.3% and demand for yen as a safe haven rose. USD/JPY is trading just below 103.00 after testing 102.77 earlier today.

Commodity currencies are trading under pressure on the back of increased risk aversion. AUD/USD extends the downside for a fourth consecutive day, descending to $0.8950. Australia Westpac consumer sentiment kept on falling, while home loans came out flat. NZD/USD remains resilient around $0.8470. RBNZ will hold a policy meeting today at 20:00 GMT and is widely expected to raise the interest rate. However, the negative risk sentiment hinders the kiwi's strength.

EUR/USD is trading in the $1.3855 area after dipping to $1.3833 yesterday. GBP/USD edged up to $1.6633 after dipping to $1.6596 yesterday.

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