Forex: Australian GDP data weaker than expected

on Jun 5, 2013

Yesterday the Australian current account balance for the first quarter of 2013, showed a significant reduction in the deficit – AUD 8.5 billion vs. AUD 14.8 billion for the prior quarter.

Also the Reserve Bank of Australia decided to hold their benchmark interest rate at 2.75 percent in line with analysts’ expectations.
Following the releases, AUD/USD recorded a slide of 0.21 percent to 0.9596 on Tuesday.
At 02:30 BST today, the Australian Bureau of Statistics released the Gross Domestic Product y/y and q/q for the first quarter of 2013. GDP growth slowed to 2.5 percent compared to 3.1 percent recorded a year earlier. In the meanwhile Australian GDP growth q/q stayed unchanged at 0.6 percent, matching the previous quarter. Analysts had anticipated growth of 0.8%.
Subsequently, the Aussie dollar fell against its US rival during Wednesday’s Asian session to 0.9603, a 0.33 percent decrease to this point. Currently the pair is slightly bearish at around 0.9618.

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