AUD Rises On Better Than Expected Q2 GDP Report

The AUD/USD pair rose 0.2% to 0.7177. The Australian economy grew by 0.9% quarter on quarter, compared with the estimated growth rate of 0.7% as per the report of the Australian Bureau of Statistics published on Wednesday.

Net exports contributed 0.1% points during the quarter to the GDP growth and the household final consumption expenditure increased 0.7%, contributing 0.4% points to GDP growth.

On a year on year basis, growth in the Australian economy accelerated to 3.4%, again beating forecasts of a slowdown to 2.8%.