The Australian dollar fell today, reaching the lowest rate since July 2010 against its US counterpart. The currency dropped as Australia’s economic growth slowed, missing analysts’ projections.
The Australian Bureau of Statistics reported that gross domestic product grew 0.3 percent in the third quarter of this year from the previous three months on a seasonally adjusted basis. The median forecast promised a 0.7 percent increase. GDP expanded 0.5 percent in the second quarter.
The disappointing report hurt the already soft Aussie. The currency was demonstrating poor performance lately due to the decline of commodity prices and the strength of the US dollar.
AUD/USD dropped from 0.8445 to 0.8401 as of 3:01 GMT today. EUR/AUD rallied from 1.4657 to 1.4744 while AUD/JPY declined from 100.69 to 100.29.
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