Australian Dollar Gains as Fourth Quarter GDP Rises
THE TAKEAWAY: The Australian Dollar continued gains from yesterday as fourth quarter GDP rose 0.6 percent and the economy expanded 3.1 per cent over the year.
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Australian Gross Domestic Product (GDP) figures showed that the economy’s output rose 0.6 per cent over the final three months of last year which meant that for 2012, total growth seen was 3.1 per cent. Further good news came from Australian fourth quarter household spending which rose 0.2% versus the previous quarter.
The so called “Aussie” rallied on the GDP news which added to investor confidence in the currency which started with the Reserve Bank of Australia deciding to hold rates at its March meeting yesterday. The Australian Dollar has seen a steady decline since the middle of January 2013 touching 1.011 on the 4th of March but has since recovered to 1.028 as of the 6th of March.
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