AUDUSD Awaits Australian Economic Growth Data

On Wednesday, the AUDUSD exchange rate has GDP growth data ahead for the Aussie economy. 

AUDUSD – Daily Chart

AUDUSD – Daily Chart 

The AUDUSD exchange rate found resistance at $0.6693 and has closed at $0.6650 daily. A correction could form at this level, with the $0.6600 level as a first target. 

Wednesday brings the latest GDP growth data for the Aussie economy at 9:30 am HKT. Analysts expect the economy to slow from 1.9% to 1.2% annually. 

Analysts are currently worried about the Australian economy moving into a recession. Across the March quarter, gross operating profits at retailers slumped 2.5%, the Australian Bureau of Statistics said on Wednesday. Earnings across the construction, transport, and retail trade sectors are also reversing. Weaker commodity prices also dented mining profits, down 6.1% over the quarter. Profits in accommodation, food services, and hospitality rose by only 1%. 

These figures will appear in the March quarter’s national accounts data and be released on Wednesday. They could show that the economy underperformed analysts’ expectations.

Following the data on Tuesday, KPMG chief economist Brendan Rynne said the March quarter GDP figures would show the economy was a “heartbeat away from a recession”. 

“When combined with the December quarter of 2023 it shows that the domestic economy has barely grown over the past six months,” he said. 

“However, with inflation still sticky and showing this ‘last mile’ down to the target band is a much harder road, KPMG expects the RBA to still sit on its hands for at least another quarter,” he added. A weaker GDP figure could lead to a correction in the AUDUSD from the current resistance level. 

US ISM Services data will be released at 10 pm HKT and could be necessary after the slowing in ISM manufacturing this week.

Recent News
Start Trading Now !
Try our demo account for free to learn trading. When you’re ready, switch to a live account and start trading for real.
Popular posts
ATFX

Account Registration Unavailable

Please note that you may be accessing this page from outside Australia. For retail and professional inquiries regarding AT Global Markets (Australia) Pty Ltd, kindly reach out to us at [email protected].

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en-za/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://atfxgm.eu/en/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/ar/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en-au/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not suitable for Hong Kong residents. Such information and materials should not be regarded as or constitute a distribution, an offer, solicitation to buy or sell any investments.

使用限制: 本網站的產品及服務不適合香港居民使用。網站內部的信息和素材不應被視為分銷,要約,買入或賣出任何投資產品。

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit www.atfxconnect.com to proceed.