Following some strong partials the prior day, Australia’s first-quarter national accounts have been released as follows in the form of Gross Domestic Product data:
Aussie GDP
- Q1 Real GDP +1.8 pct QoQ, s/adj (Reuters poll +1.5 pct).
- Q1 real gdp +1.1 pct YoY, s/adj (Reuters poll +0.6 pct).
- Q1 final consumption expenditure +0.7 pct, s/adj.
- Q1 gross fixed capital expenditure +4.7 pct, s/adj.
- Q1 chain price index +3.1 pct.
AUD has hardly reacted (10-pip pop) to the better than expected outcome while markets are likely paying more attention to the Reserve Bank of Australia's focus on subdued inflation and wage pressures as well as virus uncertainty.
AUD/USD seesaws on the way to 0.7800 on better-than-forecast Aussie Q1 GDP
- AUD/USD prints three-day uptrend, attacks weekly top on better-than-forecast Australia Q1 GDP.
- Comments from RBA’s Jones and mildly bid risk barometers also favour the bulls.
- US dollar moves, RBA’s Debelle and qualitative catalysts should be traced for fresh direction.
About Gross Domestic Product
The 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 a broad measure of 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.