Aussie GDP Q3 – what to expect in AUD/USD?

By FXStreet FXStreet (Guatemala) – AUD/USD has been making a strong recovery from the Nov lows circa 0.7010 and has recently garnered demand right through the cluster of hourly SMA’s in a softer greenback. A series of data has been supportive of the Aussie of late against the backdrop of a bullish and an ‘on-hold’ RBA who are sighting a robust enough economy in the face of an otherwise lagging Global economy, despite actual conditions being lack luster with major headwinds in the downturn of investments in the mining sector.

This week has started out as a huge week for the major commodity currency and the greenback, while the RBA meeting wasn’t anticipated to shake anything up with a widely anticipated decision to stay on hold, the GDP Q3 is sighted to reveal factual data that may coincide with what the RBA was warning of when in the statement the RBA cited weakness in demand as a factor to explain weakness in commodity prices.

Aussie dollar strength and the Australian Q3 GDP – what to expect?

The RBA was also signalling that it may be set to downgrade its outlook for growth in its main trading partners in its statement which could …read more

Source:: FX Street