Hampered by flooding, an increase in taxes, and weaker demand for Australia’s exports in China and India have combined to hand the economy the greatest three-month loss since 1991. For the first three months of the year, the Australian economy contracted by 1.2 percent and while significant, it was better than many had predicted.
Despite the setback, Australian dollar gained 0.6 percent on the US dollar shortly after the news was released.
Source: BBC News
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.