The Australian dollar gained today versus most of the main 6 currencies as a report indicated that the gross domestic product grew much beyond expectations, raising attractiveness for the Aussie, even if the market sentiment favored low-yielding currencies today.
The Australian Bureau of Statistics published today a quarterly GDP report in which the South Pacific country grew 0.6 percent compared to 0.2 percent as most of economists expected. The GDP figures in Australia provided support for speculations to rise suggesting that interest rates may be rose in the country towards the end of this year or in the beginning of 2010, a fact which helped the Aussie to climb significantly today, as so far none of the main economic regions or countries in the world signaled that they intend to raise their interest rates for the moment, as the majority of economies is still in need for stimulus.
Eventual rate hikes in Australia are being highly considered, and today’s GDP figures coming much beyond analysts’ expectations are the main factor behind the Australian dollar bullish pattern today, as investors tend to inject money in higher-yielding currencies, and none of the 16 main currencies’ nations expect Australia indicated so far that interest rates will increase in the near future.
AUD/USD traded at 0.8308 as of 9:15 GMT from a previous rate of 0.8237 hours earlier. AUD/CAD climbed from 0.9152 yesterday to a current 0.9170.
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