Aussie Drops as GDP Grows Slower

The Australian dollar dropped today as nation’s economic growth slowed last quarter, being below analysts’ estimates. This led to concerns about potential interest rate cut from the Australian central bank.

Australian gross domestic product expanded 0.6 percent in the third quarter of 2013 on a seasonally adjusted basis. GDP rose 0.7 percent in the preceding quarter and economists have thought that the economy would maintain this rate of expansion. The Reserve Bank of Australia did not change interest rate during yesterday’s policy meeting, but it may do so next month if economic data continues to disappoint.

AUD/USD was down from 0.9134 to 0.9026 and AUD/JPY dropped from 93.64 to 92.58 as of 13:44 GMT today.

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