7:30pm (NY Time) AU GDP q/q Forecast 0.4% Previous 0.6%
ACTION: AUD/USD BUY 0.8% SELL 0.3%
We’ll be focusing on the quarterly GDP release today out of Australia, which is expected by a wide range of analysts surveyed by Bloomberg to be at 0.4%. As Australia’s GDP number has maintained on the positive side for the last couple of quarters, this release number will probably not have a trend changing impact on the AUD unless it’s a negative number.
We’ll be looking for a surprise factor of 0.3%, therefore if we get 0.7% or better, we’ll be BUYING AUD/USD; however, if we get a 0.1% or worse, we’ll probably see AUD/USD test the 0.9000 figure and possibly breakout below.
DEFINITION:
“GDP is the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.” In short, if you were to reduce the entire economy into a simple number, it would be the GDP.”
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