So far watching some of the commentary from economists you’d swear Australian GDP had just missed expectations rather than the big print of 0.9% we’ve just seen.
The commentary seems to be around the weaker than expected domestic economy and the larger than expected contributions in exports, which drove the big 0.9% rise in Q1 GDP.
That’s all too nuanced for forex traders who, having seen the Aussie dollar rally 2% since yesterday’s lows, know the bears are on the back foot.
So the bulls are driving the Aussie higher with a gain of another 0.5%. It’s back above 78 cents now.
Here’s the chart.