Economic news

Australia’s GDP can provoke rate cuts, Aussie falls

Reliable United States economic data supported the dollar, but its Australian counterpart declined after data showed that the economy had almost stopped in the fourth quarter.

australian shares boost aussie slips 0503Photo: Pixabay

Australian shares showed a 0.75 percent boost on Wednesday after mining stocks had jumped after Beijing announcement to provide suitable means to avoid a sharp economic decline.

The Aussie slipped by 0.74 percent to $0.7032 after its recent decline to a 2-month minimum of $0.7029. The Australian dollar’s range during a day was from $0.7029 to $0.7093.

The dollar index was up by 0.04 percent at 96.93 at 6.29 GMT.

The Australian economy grew by only 0.2 percent in the fourth quarter, although the economists had forecasted a 0.3 percent growth according to Reuters survey. Australia’s growth rate averaged 0.85 percent from 1959 to 2018, reaching a historic high of 4.40 percent in the 1Q of 1976 and a record slump by 2 percent in the 2Q of 1974.

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