Australian dollar goes down on dismal GDP data

Australian dollar goes down on dismal GDP data

On Wednesday, the Australian dollar tumbled in Asia after data revealed that the country’s economy managed to expand less than anticipated for the three months through September.

As a matter of fact, Australia’s gross domestic product headed north by up to 0.3% from the second quarter. That’s what the statistics bureau informed on Wednesday. Market experts previously hoped that GDP would inch up by 0.6%. By the way, on Tuesday, Australia’s primary financial institution left interest rates on hold at a record-minimum 1.5% exactly as anticipated.

The currency pair AUD/USD went down by 0.7% being worth 0.7291.

Besides this, the Chinese Yuan went down versus its US counterpart even after China’s November services PMI hit a five-year maximum of 53.8, confounding the estimated 50.8 by a considerable margin.

The currency pair USD/CNY was last seen at 6.8679, adding 0.4%.

The Yuan reference rate was set by the People's Bank of China at 6.8476 in contrast with the previous day's reading of 6.8939.

The US-China trade conflict was still closely watched after China’s Ministry of Commerce came up with its first official statement after a meeting between American leader Donald Trump and his Chinese rival Xi Jinping over the weekend. The Chinese cabinet told that the trade meeting with America was very fruitful, although didn’t give any further details on the result of that meeting.

Evaluating the greenback’s actual purchasing potential versus its main counterparts the USD index rallied by up to 0.2% demonstrating 97.072. The safe-haven greenback rallied after American stocks declined over 3% overnight.

The dive in American occurred after Larry Kudlow, top White House economic adviser backtracked from American leader’s announcement that China had agreed to cut levies on American cars. Kudlow told that it hasn’t been officially agreed yet.

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