The Aussie dollar took off above US78c on the solid GDP report

Andrew Burton/Getty Images

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.

AUDUSD 1 hour (Go MArkets, MT4)

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at