MW : Australian dollar soars on better-than-expected GDP data
The Australian Bureau of Statistics said GDP rose a seasonally adjusted 0.6% in the April-June quarter from the previous quarter, beating economists' consensus expectation of a 0.2% rise. See full story on Australian GDP.
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"At this stage, our preferred scenario is that the RBA will deliver back-to-back 25-basis point tightenings at the November and December policy board meetings," Glenn Maguire, chief Asia-Pacific economist at Societe Generale, said in emailed comments. "It goes without saying that these are unambiguously positive Australian dollar developments."
The Aussie traded at 82.94 U.S. cents, compared to 82.60 cents in late North American trading on Tuesday, and 82.71 cents shortly before the data were released.
The U.S. dollar rose against most other major rivals, though it fell against the Japanese unit in line with rising risk aversion as most Asian stock markets traded in the red. The greenback bought 92.85 yen, down from 92.96 yen late Tuesday.
The dollar index (DXY 78.74, -0.02, -0.03%) , which measures the U.S. unit against a basket of six major currencies, stood at 78.720, up from 78.705 late Tuesday.
The euro was trading at $1.4216, down from $1.4223 Tuesday, and the British pound was buying $1.6134, down from $1.6160.
