The Gross Domestic Product released by the Australian Bureau of Statistics has arrived, beating expectations in both the third quarter and the year. This is helping the Aussie to continue to recover across the board.
GDP arrived as follows:
Australia GDP for Q3 -1.9% QoQ (expected -2.7%).
Australia GDP (YoY) Q3 3.9% (est 3.0%; prev 9.6%).
''Gross Domestic Product (GDP) fell 1.9% this quarter reflecting reduced activity due to extended lockdowns across NSW, Victoria and the ACT. This fall followed four consecutive rises since the 6.8% fall recorded in June quarter 2020 when the entire country was in lockdown. GDP in the September quarter 2021 was 0.2% below December 2019 pre-pandemic levels,'' the official report read which can be read in full here.
AUD/USD continues its correction to the upside although it is struggling to keep the momentum:
The focus remains on the downside from a risk-off sentiment perspective and there are expectations of a downside continuation in due course.
About Aussie GDP
The Gross Domestic Product released by the Australian Bureau of Statistics is a measure of the total value of all goods and services produced by Australia. The GDP is considered as a broad measure of the economic activity and health. A rising trend has a positive effect on the AUD, while a falling trend is seen as negative (or bearish) for the AUD.