European Market Update

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Summary

European Market Update – The Aussie buck rallied on the release of the Australian Q1 GDP report, which came in with 0.3% q/q growth, well off the 1.1% q/q growth seen in the previous quarter and matching economists’ median expectation, although there had been some market fears of a negative print (following weak retail sales and capex data over the quarter). The Australian economy hasn’t seen a recession in 103 quarters now (just one quarter shy of 26 years), which apparently matches the Netherland’s growth run (according to Reuters). A successful Short Position was taken yesterday on GBPAUD, with +100 pips gain, while we entered AUDCAD on yesterday’s LIVE WEBINAR, once 20 DAY moving average broke.