The AUD/USD pair is trading to the upside for the second day in a row being supported by the GDP data.
The Australian Dollar is growing on Wednesday; it is strengthening against the USD for the second consecutive day. The current quote for the pair is 0.7265.
According to the statistics published today, the Australian economy significantly expanded in 2016. In the first quarter, the country’s GDP increased by 1.1% q/q according to the revised data. On a year-on-year basis, it increased by 3.1% against 2.9% previously. Most of all, the GDP was supported by the export.
The country continues trading LNG and iron ore actively, thus reducing negative consequences of declining prices for other energy resources. In addition to that, the number of exports of services increased, because they got more competitive thanks to the exchange rate of the Australian Dollar. The construction sector is now more active, where the demand was redistributed towards apartments, but not detached houses.
As usual, the GDP growth supports the national currency, because it indicates about the economy improvement. Most likely, the Aussie is going to strengthen at least until tomorrow, when the European Central Bank starts its meeting and attracts the attention of financial markets.
RoboForex Analytical Department
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