The Australian Bureau of Statistics released its gross domestic product (GDP) report this morning, revealing a 1.2% contraction in its national economic growth. The figure has so far had little effect on the value of the Australian dollar (AUD) considering the news happening elsewhere.
With concerns about employment and manufacturing growth in the United States, the potential for Greece to dodge a debt restructuring, and a possible downgrade of Japan’s bond rating by Moody’s, a downtick in Australia’s GDP was hardly significant enough to shift investors away from the higher yielding Aussie. For now, the AUD appears to have simply shrugged off the news and continued its bullish hike.
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