Australia on solid growth path (Barcelona) - Australia's gross domestic product in the last quarter of 2012 came at +0.6% as expected vs an upwardly revised +0.7% in Q3 from +0.5%. On a yearly basis, the growth stood at 3.1%, 0.1 bp above the 3% market had expected, and unchanged from the last reading. Overall, the economic growth was slightly better than economists forecast. Exports were a notable contributor to the solid readings.

According to previous comments from NAB:

"Given that the RBA’s forecasts imply quarterly growth of about 1%, an outcome much weaker than this will help keep expectations alive for future RBA easing(s) and could knock a bit of the stuffing out of yesterday’s recovery in the AUD as a result." The Aussie reaction at the moment is the contrary to NAB's call, with the upward revision of +0.7% new previous vs +0.5% old previous animating the bid tone. NAB’s forecast was at just 0.3%, well below the market consensus of 0.6%.

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