The Australian economy grew by only 0.3% in the third quarter of 2014. This is significantly worse than 0.7% expected and shows that Australia is having a difficult transition from mining to other types of growth. Weak commodity prices certainly weigh on the economy,. Will the RBA cut the rates? AUD/USD reacted sharply with a clear break down below the previous support line of 0.8420 and down to a new low of 0.8388 before stabilizing. Here is how it looks on the chart. More details below: The really strong support line is 0.8066. Until this level, we have a support at 0.8350 and 0.82. For more levels, see the AUDUSD prediction. Year over year, the economy grew by 2.7%, weaker than 3.1% expected which was also the figure in Q2. Real domestic income declined for a second consecutive quarter. Australia still enjoys net exports, that contributed 0.8% to the GDP growth. The government contributed 0.1% and household consumption 0.3%. However, a negative contribution of 0.7% in gross fixed capital formation. Inventories also subtracted 0.1%. Data from China: the HSBC services PMI came out at 53 points for November, marginally above 52.9 seen beforehand. The government number is 53.9 points. Terms of trade decreased by 3.5% (seasonably adjusted). Does this suggest an even lower AUD is needed? The RBA has left rates unchanged at 2.50% for 16 months. Up to now, some analysts saw a rate cut coming from Australia in 2015, and now a rate cut is also on the cards. In the recent rate decision, the central bank mentioned a “need” for a lower Australian dollar. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam AUD/USD Daily OutlooksForex News Today: Daily Trading News share Read Next EUR/USD Dec. 3 – Triple bottom or big break down? Yohay Elam 8 years The Australian economy grew by only 0.3% in the third quarter of 2014. This is significantly worse than 0.7% expected and shows that Australia is having a difficult transition from mining to other types of growth. Weak commodity prices certainly weigh on the economy,. Will the RBA cut the rates? AUD/USD reacted sharply with a clear break down below the previous support line of 0.8420 and down to a new low of 0.8388 before stabilizing. Here is how it looks on the chart. More details below: The really strong support line is 0.8066. Until this level, we have a support… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.