It was a busy Wednesday morning session on the Asian economic calendar. Economic data from Australia drew interest ahead of trade data from China. The Australian economy expanded by 0.2% in Q1 versus a forecasted 0.8%. In Q4, the economy grew by 0.6%. Year-over-year, the economy grew by 2.3% versus a forecasted 2.7%. In Q4, the economy expanded by 2.6%, year-over-year. According to the ABS, Household spending rose 0.2% in Q1, contributing just 0.1 percentage points to GDP. Significantly, the household savings ratio declined to 3.7%, the lowest since 2008, suggesting weaker consumer spending ahead. Net trade weighed ... (full story)