The Australian dollar ticked up to its highest level since early May as data doused any fears of an economic contraction.
The currency touched 75.43 US cents, the highest since May 3. A short while ago it was up 0.4% at 75.40 US cents.
Australia’s GDP expanded by 0.3% in the March quarter in seasonally adjusted chain volume terms, seeing the year-on-year increase slow to 1.7%, the ABS said.
While, the weakest expansion since the September quarter of 2009, the data met market consensus and saw Australia’s run of uninterrupted economic growth stretch to 103 quarters, equaling the record held by the Netherlands for a developed nation not experiencing an economic downturn.
Market forecasts for GDP had ranged from -0.5 to +0.7, showing at least some were expecting the economy to slip.