Australian GDP increases in 1st Quarter, beats expectations. | CountingPips Forex & Currency Trading Blog

June 4, 2008 - Forex Economic News

Australian GDP increases in 1st Quarter, beats expectations.

The Australian economy grew in the 1st quarter of 2008 by more than expected according to a release today by the Australian Bureau of Statistics. The GDP report released today showed that the Gross Domestic Product grew by 0.6 percent in the January to March quarter and follows up growth of a revised 0.7 percent in the October to December 2007 quarter and 1.1 percent GDP growth in the July to September 2007 quarter. The report also showed that Australian GDP has risen 3.6 percent from the first quarter of 2007. Economic forecasts had expected that the GDP growth would be roughly 0.3 percent for the first quarter and 2.8 percent over last year's first quarter.

The Australian dollar jumped in forex trading today with the release of the positive GDP numbers. The Aussie increased against the US dollar and Japanese yen as the AUD/USD pair crossed the 0.9610 mark and the AUD/JPY pair crossed the 101.00 threshold.

Tags: australian economy, australia, gdp, forex rates, forex trading

Blog Home