The Aussie fell sharply against the US Dollar on the dissapointing GDP report this morning. The AUD/USD lost initially 29 base points or 0.38% to continue consolidation in the 0.7585 area.
Australian economy expanded at a weaker-than-anticipated pace, as household spending grew at the slowest pace since the financial crisis in 2008, reinforcing the possibility of the Reserve Bank of Australia keeping its key interest rate unchanged for a longer period of time. The Australian Bureau of Statistics reported that the country’s gross domestic product rose 0.6% in the third quarter, following an upwardly revised 0.9% in the prior period, with the largest downward contribution coming from a weak consumer spending affected by the insufficient pay growth.
