Forex: AUD/USD edges higher after GDP data

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FXstreet.com (California) - AUD/USD is pressuring up after the release of better than expected Australian Q2 GDP data released on Wednesday. The pair targeted highs above 1.0580 before a slight pullback, last quoted in the 1.5070 area, 90 pips above its opening price.

Second quarter GDP increased to 1.2% versus -0.9% on the previous quarter. The market anticipated an increase to only 1.0%. In year on year terms, GDP increased to 1.4% in Q2 from 1%. This development has cooled expectations of an interest rate cut.

Answering questions after a speech, Reserve Bank of Australia ( RBA ) Governor Glenn Stevens said he had an open mind on how policy might respond to global events, but would not speculate on the future course of rates, reports Wayne Cole for Reuters.





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This article appears in: Investing , Forex and Currencies

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