Australian Dollar Falls After Third-Quarter GDP Growth Disappoints
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- Australia’s 3Q GDP Data Disappointed Rising 0.3% Q/Q vs. 0.7% Expected
- Aussie Dollar Fell After 3Q GDP Missed Expectations; Bond Yields Declined
- See Economic Releases Directly on Your Charts with the DailyFX News App
Australia’s GDP growth missed expectations, with output expanding by 0.3 percent in the third quarter. The outcome was worse than the 0.7 percent increase forecast by economists and lower than the 0.5 percent growth rate in the second quarter.
The Australian Dollar spiked downward against major currencies after the GDP report crossed the wires. The 10-year Australian government bond yield, a proxy for the monetary policy outlook, likewise fell after the release. This may suggest investors took the soft GDP data to mean an RBA rate cut is becoming more likely ahead. On the technical front, Currency Strategist Ilya Spivak sees near term support at 0.8364.
AUD/USD 5min Chart - Created Using FXCM Marketscope
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