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Aussie Dollar Soars as Q1 GDP Data Delivers on Expectations

Aussie Dollar Soars as Q1 GDP Data Delivers on Expectations

Christian Lewis,

Talking Points:

  • The Australian Dollar gained against its major counterparts after the release of 1Q GDP
  • Release showed an economic expansion of 1.7 percent y/y versus 1.6 y/y percent expected
  • The as-expected slowdown defused recently building concerns about a deeper downturn

Retail traders are betting Aussie Dollar weakness. Find out here what that hints about the price trend!

The Australian Dollar gained against its major counterparts after the release of the country’s first quarter GDP data cooled concerns about a deeper than expected slowdown at the start of the year. The currency dropped yesterday after a hefty miss on first-quarter current account data stoked fears about a deeper downturn than consensus forecasts accounted for.

Today’s release showed an economic expansion of 1.7 percent y/y versus 1.6 percent expected and 2.4 percent in the last four months of 2016. The quarterly figure showed growth through the period of 0.3 percent q/q, in line with forecasts. The RBA anticipated the slowdown and maintained a neutral posture all the same. The as-expected outcome seemed to reinforce that position, meaning rate cuts are probably not on the horizon in the near term.

Aussie Dollar Soars as Q1 GDP Data Delivers on Expectations

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

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