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Traders need to watch Australian GDP
The Australian dollar has strongly depreciated in the recent months. The Reserve Bank of Australian doesn’t aim at a soon rate hike. It means that the AUD needs a support from other sources. As positive economic data always supports a currency, better GDP figures will lead to the rise of the AUD.
GDP is the broadest measure of a country’s economic health. Australian economic growth declined to 0.4% in the fourth quarter of 2017 from 0.7% in the previous quarter. It was the weakest growth rate since a contraction in the third quarter of 2016.
The economic data will be out at 4:30 MT time on June 6.
• If the data are greater than the forecast, the Australian dollar will appreciate.
• If the data are weaker than the forecast, the Australian dollar will go down.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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