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Growing Australian Economy Makes AUD More Appealing

March 6, 2013 at 12:02 by Vladimir Vyun

Reverend John Flynn on Australian 20-dollar billAustralia’s economy demonstrated stable growth last quarter and this increased the appeal of the nation’s currency. It is not a surprise that the Australian dollar rose today, considering the positive domestic data.

Australian gross domestic product expanded 0.6 percent in the fourth quarter of 2012, matching forecasts. The third quarter growth was revised upwardly from 0.5 percent to 0.7 percent. The Reserve Bank of Australia has kept interest rates stable at yesterday’s meeting and today’s positive data supports the view that the central bank will not cut the rates in the near future.

AUD/USD rose from 1.0255 to 1.0273 after touching the high of 1.0299 and AUD/JPY ticked up from 95.67 to 95.99 as of 12:02 GMT today.

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