AUDUSD is keeping its positive momentum, although the sentiment is changing.
The Australian Dollar is rising against the USD on Wednesday. The current quote for the instrument is 0.7251.
The rising wave in AUD formed earlier slowed down last night due to the increased demand for “safe haven” assets. At the moment, the markets are coming to “equilibrium”.
Today’s statistics showed that the Australian GDP in the fourth quarter of 2021 added 3.4% q/q after losing 1.9% q/q the quarter before and against the expected reading of 3.0% q/q. this is excellent data, better than expected. The components of the report say that household consumption bounced back strongly, rising the most in 5 quarters, from 13.6% to 19.8% (+6.2%). It means that the population is not afraid of spending money because they have faith in the country’s economy.
It’s important that the local outbreak of Omikron in December had no influence on the economic parameters.
Judging by this strong GDP report, one may assume that the labour market is also stable.
The strong GDP means that the economy will “survive” the rate hikes in the future.
