The Australian Dollar Is Dropping Like A Stone On A Weak GDP Number

Robertus Pudyanto/Getty Images

The Australian dollar plunged on official statistics showing a weaker local economy.

The ABS announced just a 0.3% rise in GDP for the September quarters.

This means the economy grew only 2.7% for the year, compared to 3.2% previously.

Westpac economists said the headline GDP reading sparked a quick slide under 0.8410.

The Aussie then extended its decline to 0.8392 within 20 minutes.

The next obvious target on AUD/USD is 0.8360/70.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.