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Jan. 20: Asian session

Asian shares dropped to a 6-month low as a bit better China GDP was not enough to overcome risk aversion. Q4 GDP grew by 7.7% (down from 7.8% of Q3, but barely above the forecast of 7.6%). China December industrial production rose by 9.7% y/y (slightly below the expected 9.8%) while retail sales climbed 13.6% as expected. Nikkei index dropped to a one-week low, tracking declines in US shares. MSCI Asia Pacific has pared some losses, but is still down by 0.2%. Market liquidity is thin as the US markets are closed  in observance of Martin Luther King Day.

USD/JPY found support at 103.90 after a sell-off in the Asian trade. AUD/USD has recovered a bit after hitting $0.8760 (lowest since July 2010). Aussie is slightly supported by China GDP figures. NZD/USD is trading in a narrow $0.8265/30 range.

EUR/USD is hovering in the $1.3510/30 range, a little bit below the Friday low. GBP/USD is trading around $1.6415. 

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