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The Australian dollar is rocketing after Q4 GDP beat expectations

(Photo by Bill Ingalls/NASA via Getty Images)

The Australian dollar has rocketed back up through 72 cents following the better than expected print of 0.6% seasonally adjusted for fourth quarter economic growth in 2015.

That strength comes in the wake of the overnight rally in the Aussie on the back of risk assets even though market watchers had been downgrading their expectations for GDP.

Key to the strength in the GDP print according to the ABS was household consumption which contributed 0.4% to the 0.6% growth rate. That strength in the household sector will further support the Aussie dollar as forex traders will likely downgrade an small chance they had factored in of an RBA rate cut.

AUDUSD 5 minute chart (MT4, AxiTrader)

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