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Australian Dollar Little-Changed After 2Q GDP Data

Australian Dollar Little-Changed After 2Q GDP Data

Christian Lewis, Contributor

Talking Points

  • Aussie Dollar little-changed after mostly in-line 2Q GDP data
  • GDP +3.3% y/y in 2Q as expected, up from +3.0% y/y in 1Q
  • Data offered limited guidance on future RBA interest rate moves

The Australian Dollar was little-changed as second-quarter GDP figures crossed the wires. The data printed mostly in line with expectations, giving little guidance for future Reserve Bank of Australia interest rate moves. The year-on-year output growth rate registered at 3.3 percent, in line with consensus forecasts. The quarter-on-quarter gain clocked in at 0.5 percent, a hair lower than the 0.6 percent projected by economists.

Australia’s benchmark 2- and 10-year government bond yields stayed relatively flat after the data crossed the wires, hinting that the GDP figures did not materially alter established outlook for the near-term direction of Reserve Bank of Australia monetary policy. This seems to explain the Aussie’s relative indifference in the data release’s aftermath.

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