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Aussie Drops After GDP Misses Expectations

December 5, 2018 at 13:33 by Vladimir Vyun

Australian coins and banknotesThe Australian dollar tumbled against its most-traded counterparts today as nation’s economic growth was disappointing. The general negative market sentiment was also unfavorable to the currency.

The Australian Bureau of Statistics reported that gross domestic product rose 0.3% in the September quarter from the previous three months on a seasonally adjusted basis. The actual increase was two times slower than 0.6% predicted by analysts. Furthermore, it was much slower than the 0.9% rate of growth registered in the previous quarter.

Meanwhile, the Australian Industry Group Australian Performance of Services Index climbed from 51.1 to 55.1 in November, indicating a faster growth of the services industry. Expansion was registered in five of nine sectors. The positive data was unable to bolster the Australian currency, though.

AUD/USD dropped from 0.7336 to 0.7293 as of 13:23 GMT today. EUR/AUD climbed from 1.5453 to 1.5563. AUD/JPY declined from 82.73 to 82.44.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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