The decline of the AUD/USD pair has decelerated.
On Wednesday, the Australian dollar experienced a modest upswing against the US dollar. The current exchange rate for AUD/USD stands at 0.6589.
Today, the market scrutinized the Australian GDP statistics for Q3 2023. The economic expansion fell short of expectations, registering the slowest growth rate of the year.
Quarterly calculations showed a GDP increase of 0.2%, compared to the anticipated 0.4%. On an annual basis, it rose by 2.1%, surpassing the expected 1.8%.
Despite this, the Reserve Bank of Australia (RBA) continues to exert pressure on the AUD exchange rate. In its recent meeting earlier this week, the RBA opted to maintain the interest rate at 4.35% per annum. According to the central bank’s assessments, a pause in monetary policy allows for a comprehensive evaluation of inflationary impacts, the labor market situation, and previous adjustments in credit costs.
Inflationary pressures within the Australian economy are gradually diminishing, as confirmed by the statistics. For the AUD, this presents a reason to ease back.
The post AUD Gains Momentum on GDP Report: Overview for December 06, 2023 appeared first at R Blog – RoboForex.