AUD/USD currency pair is declining in the middle of the week. It failed to keep the Tuesday positive impulse. Currently it holds at 0,7668.
According to the statistics released today, the Australian economy at the end of the second quarter gained 0.5% q/q (+3.3% y/y). Forecasts assumed a growth of 0.6% q/q, the first quarter showed a rise of 1.0% q/q (updated figure).
The export sector and domestic demand along with construction industry were the main contributors to GDP growth. Based on the published figures, the Australian economy feels well enough.
Twenty five years without recession (it’s been 25 years since GDP came into positive area for the first time) is a convincing factor of stability and effectiveness of current monetary policy. Everyone know the RBA keeps its principle of "advance action". It decides on rates and other measures of monetary control ahead of the moment they are necessary. In most cases, such advance measures have worked perfectly.
The RBA keep thinking that an expensive Aussie cuts support for global GDP from exporters, and it is true in fact. The Australian dollar has risen against the US Dollar by slightly over 5% year-to-date.
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