Aussie Gains as Australian Economy Grows

The Australian dollar rallied today, ending the three-day decline against the US dollar, after the report showed that the Australian economy grew more than expected in the second quarter.

The Australian Bureau of Statistics reported today that Australia’s gross domestic product expanded 1.2 percent from March to June, compared to the median forecast of 1.0 percent. The advanced followed the drop by 0.9 percent in the previous three months. Analysts predict that tomorrow’s report about employment will show an advance by 10,400 jobs.

AUD/USD climbed from 1.0488 to 1.0599 as of 9:40 GMT today and touched the intraday high of 1.0633. EUR/AUD dropped from 1.3338 to 1.3253.

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