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Australia’s Q4 national accounts data has arrived.

  • After mostly softer partial data Mon-Tue, the Bloomberg median forecast had slipped from 0.5% QTR to 0.3%.
  • Markets were expecting 2.5% for the year (Q4) vs 2.8% prior and 0.3% vs 0.3% prior for Q/Q (Q4).  
  • RBA’s Lowe said earlier to expect the data to be significantly below trend.

The outcome arrived as follows:  

  • 2.3% for the year (Q4)
  • 0.2%  for Q/Q (Q4)

About  Gross Domestic Product

The Gross Domestic Product released by the  Australian Bureau of Statistics  is a measure of the total value of all goods and services produced by Australia. The GDP is considered as a broad measure of economic activity and health. A rising trend has a positive effect on the AUD, while a falling trend is seen as negative (or bearish) for the AUD.

Additional  reading regarding today’s events for AUD/USD:

  • RBA’s Lowe says RBA has the flexibility to adjust MP in either direction

  • More comments from RBA Lowe: Q4 and Q3 GDP likely to show growth significantly below trend