Australian Dollar Gains as Fourth Quarter GDP Rises

THE TAKEAWAY: The Australian Dollar continued gains from yesterday as fourth quarter GDP rose 0.6 percent and the economy expanded 3.1 per cent over the year.

Forex_Australian_Dollar_Gains_as_Fourth_Quarter_GDP_Rises_body_australiaGDP.png, Australian Dollar Gains as Fourth Quarter GDP Rises

Created Using Marketscope 2.0

Australian Gross Domestic Product (GDP) figures showed that the economy’s output rose 0.6 per cent over the final three months of last year which meant that for 2012, total growth seen was 3.1 per cent. Further good news came from Australian fourth quarter household spending which rose 0.2% versus the previous quarter.

The so called “Aussie” rallied on the GDP news which added to investor confidence in the currency which started with the Reserve Bank of Australia deciding to hold rates at its March meeting yesterday. The Australian Dollar has seen a steady decline since the middle of January 2013 touching 1.011 on the 4th of March but has since recovered to 1.028 as of the 6th of March.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

  • COMMENT: Xenophobia rears its ugly head in Singapore once more 11 hours ago
    COMMENT: Xenophobia rears its ugly head in Singapore once more

    Kirsten Han is a Singaporean blogger, journalist and filmmaker. She is also involved in the We Believe in Second Chances campaign for the abolishment of the death penalty. A social media junkie, she tweets at @kixes. The views expressed are … Continue reading →

  • Driving a $900,000 Porsche 918 Spyder to the future 13 hours ago
    Driving a $900,000 Porsche 918 Spyder to the future

    It’s more than just its inherent speed, or the whooshing noise that fills the cabin like a school choir jamming with James Hetfield. It’s what it represents in an industry full of skeptics. It’s a portal into the future – a time capsule left by some mad scientist born decades too soon. It’s something that shouldn’t exist. And yet it does.

  • 919 reasons to love: Flickr photo of the day 14 hours ago
    919 reasons to love: Flickr photo of the day

    We've brought you the drive video of the $900,000 Porsche 918 Spyder -- an 887-hp hybrid supercar with two electric motors working in harmony with a big 4.6-liter V-8. But how about this? Porsche's hybrid Le Mans racer -- the 919 Hybrid, sent to us by Kevin Leech. Get on board with electrification, folks. Because it's taking over the world.