AUDUSD is trading upwards supported by the report on the Australian GDP.
The Australian Dollar is actively growing against the USD on Wednesday. The current quote for the instrument is 0.7662.
This week, Australia seems to be the only newsmaker. The statistics published in the morning showed that the country’s GDP added 1.0% q/q in the first quarter 2018 after expanding by 0.%% q/q the quarter before and against the expected reading of +0.9% q/q. The report includes a seasonal factor, that’s why it may be estimated as objective.
On YoY, the indicator increased by 3.1%. It’s a very good number, because market expectations implied not more than +2.8%.
The major contribution to the GDP was made by the Export. The components of the report showed that the indicator increased significantly and added 0.5% to the GDP.
It’s quite interesting that the Private Consumption was rising actively in the first quarter (+0.3% q/q and 2.9% y/y), thus creating more favorable conditions for the inflation and development. We should remind you that it was only yesterday when the RBA noticed in the comments to its June meeting that the inflation trend was weak.