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Forex - Australian dollar gains after better than expected GDP data

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Investing.com -

Investing.com - The Australian dollar gained on Wednesday after first quarter GDP rose more than expected.

Australia's first quarter GDP data rose 1.1%, compared to a 1.0% gain expected.

AUD/USD traded at 0.9284, up 0.19%, after the data.

Earlier Australian AIG Group's Services Index for May rose to 49.9 from a 48.6 reading in April.

The Reserve Bank of Australia's Tony Richards, head of Payments Policy Department and Luci Ellis, head of Financial Stability Department are scheduled to speak at 0910 and 1800 local time respectively (2310 and 0800 GMT).

Overnight, the dollar remained broadly lower against the other major currencies, despite the release of strong U.S. factory orders data, as investors eyed the European Central Bank's policy meeting scheduled later in the week.

Official data showed that U.S. factory orders rose 0.7% in April, beating expectations for a 0.5% gain, after an upwardly revised 1.5% increase in March.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.10% to 80.65.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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