Pay attention to the news from the UK and Italy
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.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.