AUD/USD has rallied around 10 pips on the inline data in Gross Domestic Produce data, (GDP), which dominates the calendar for Asia today.
Of late, we have seen a mixed series of partial indicators such as the soft construction & inventories data wile, despite the trade wars, exports had surprised to the upside. The updated Bloomberg consensus was for 0.5% quarter (QoQ), 1.4% year (YoY) as displayed on the FXStreet calendar.
The data arrived as follows:
QoQ Q2 arrived at 0.5% vs 0.5% and 0.4% prior, revised to 0.5%
YoY Q2 arrived at 1.4% vs 1.4% and 1.8%.
As analysts at Westpac noted, in yesterday’s statement, "the RBA conceded H1 2019 growth “has been lower than earlier expected” but insisted that growth “is expected to strengthen gradually to be around trend over the next couple of years.”
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.