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Forex News: Aussie Little Changed as 3Q GDP Met Expectations

Forex News: Aussie Little Changed as 3Q GDP Met Expectations

Gary Kerdus,

THE TAKEAWAY: Australian 3Q GDP grew in-line with expectations at 0.6 percent on a quarterly basis > FX traders may focus greater attention to risk trends as rate cuts and moderate growth produce little volatility > Aussie unchanged

The Australian Dollar was little changed as third quarter gross domestic product posted in-line with expectations at 0.6 percent growth on a quarterly basis and 3.1 percent growth on a yearly measure. Today’s release came just one trading day after the Reserve Bank of Australia reduced its benchmark lending rate which was also highly anticipated and, like today’s in-line GDP release, also produced no meaningful market movement.

Forex traders appear little affected after the Aussie’s most attractive yield feature has been reduced and growth has not been particularly robust as of late. However, FX markets may begin to pay greater attention to risk sentiment trends as measured by changes in U.S. equity indicies as price action on the S&P 500 suggests risk appetite trends may find a bit of resistance.

AUD/USD, 1 Minute Chart

Forex_News_Aussie_Little_Changed_as_3Q_GDP_Met_Expectations_body_Picture_1.png, Forex News: Aussie Little Changed as 3Q GDP Met Expectations

S&P 500, Daily Chart

Forex_News_Aussie_Little_Changed_as_3Q_GDP_Met_Expectations_body_Picture_4.png, Forex News: Aussie Little Changed as 3Q GDP Met ExpectationsForex_News_Aussie_Little_Changed_as_3Q_GDP_Met_Expectations_body_Picture_7.png, Forex News: Aussie Little Changed as 3Q GDP Met Expectations

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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