The dollar was under pressure in early Asian trading, weighed down by gains in the EUR, GBP and AUD as risk appetite improved in the wake of the Fed Beige Book and the strong triple digit gains on the DJIA. However, the currencies suffered a set-back with selling on JPY crosses emerging to weigh on USD-JPY after China’s GDP at 6.1% fell short of expectations, reflecting the slowest growth in ten-years. AUD-USD, which had fallen just short of re-testing recent highs at 0.7316, dropped back to 0.7248. EUR-USD pulled back from 1.3269 to 1.3192 while Cable, which traded to 1.5070, descended to 1.4973. USD-JPY, which was capped at 99.52, dropped back to 98.97. Asian stocks which rally strongly at the open, with the Nikkei up almost 3%, pared gains after the China GDP data with the Nikkei only holding on to gains of 0.50% in the afternoon, though Asian stocks remain positive overall. NYMEX crude rose but remained under $50 after the rise in inventories reported Wednesday in NY dealings. U.S. Treasury yields were little changed. Of note was China’s statement citing the recent moderation in reserve accumulation as a factor of EUR depreciation earlier this year, apparently attempting to assuage some press speculation that China was purchasing less forex reserves.