AUD/USD Spikes on a GDP Beat
The AUD/USD has spiked higher on what is an impressive GDP beat. We are looking at the YoY figure of 3.4% vs 2.9% expected.
This is a strong result and it has seen the Aussie jump back above the 0.7200 mark.
The Aussie economy has really been under pressure with weak jobs growth and flat wage growth. This result might well give the bulls some more hope. This is also a good result gien the poor week of data we’ve seen so far.
The last two days have seen a miss in retail sales on Monday and an update from the RBA that really didn’t have the market all that interested.
But it has been the bounce that we’ve had in the USD that has really hurt the AUD/USD the most of recent times. We are seeing similar, if not worse, falls in the NZD/USD who again is the weakest major pair on the day.
Aussie Outlook
The AUD/USD is now around the major level at 0.7200. In the short-term, this result will mean that the battle at this level will continue.
The strong USD is still the biggest headwind (along with the economy) and I am still looking for a push into 0.7100.
Out downward channel remains intact and the momentum is clearly to the downside. Which it has really been for the bulk of the year.
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