Australian Dollar Rallies After Positive GDP Print

The Australian dollar gained on most of its major peers today after a report showed that Australia’s economy was growing faster than expected last quarter.

The Australian Bureau of Statistics reported that gross domestic product grew 1.0% in the March quarter of 2018 from the previous three months, slightly above the analysts’ consensus estimate of 0.9%. Furthermore, the previous quarter’s increase got a small positive revision from 0.4% to 0.5%.

The Aussie benefited from the positive data, though the currency remained under pressure from the neutral stance of the central bank demonstrated at yesterday’s policy meeting.

AUD/USD rose from 0.7616 to 0.7654 as of 11:33 GMT today. AUD/JPY rallied from 83.62 to 84.36.

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