Aussie GDP misses the mark and slightly weighs on AUD
|The Australian Bureau of Statistics (ABS) released Australia's Gross Domestic Product (GDP) on a quarterly basis as follows:
- Q3 GDP +0.6% QoQ vs. the expected +0.7% and the prior +0.9%.
- YoY Q3: 5.9% (est 6.3%, prev 3.6%).
AUD/USD update
AUD/USD is a touch offered after the data but remains within familiar ranges for the session so far, trading just below 0.6700.
On the daily chart, the price is holding around the trendlines but a break of 0.6670/50 and below opens the risk of a move to test 0.6580 and below:
However, tf the bulls commit at this juncture, near a 0.78.6% Fibonacci area, then there will be prospects of a move in resistance near 0.6850.
About Aussie GDP
The Australian Bureau of Statistics (ABS) releases the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the quarter ends. The indicator is closely watched, as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital expenditure data are critical for the country’s improved economic performance, which in turn impacts the Reserve Bank of Australia’s (RBA) monetary policy decision and the Australian dollar. Actual figures beating estimates is considered AUD bullish, as it could prompt the RBA to tighten its monetary policy.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.