Investing.com – Australia’s dollar was up against its U.S. counterpart on Wednesday, surging to a fresh 11-day high, after official data showed that Australia’s economy grew at its fastest pace in 3 years during the second quarter.
AUD/USD hit 0.9066 during European afternoon trade, the pair’s highest since August 17; the pair subsequently consolidated at 0.9062, soaring 1.75%.
The pair was likely to find support at 0.8860, Tuesday’s low, and resistance at 0.9139, the high of August 11.
Earlier in the day, Australia’s Bureau of Statistics said the country’s gross domestic product increased a seasonally adjusted 1.2% in the second quarter, up from growth of 0.7% in the first quarter, whose figure was revised from 0.5%.
Analysts had expected Australia’s economy to expand 0.9% in the second quarter.
The report also showed that year-on-year, annualized seasonally adjusted GDP grew 3.3% in the second quarter, after expanding 2.6% in the first quarter.
Analysts had expected annualized real GDP to grow 2.8% in the second quarter.
The Aussie was also up against the euro, with EUR/AUD shedding 0.72% to hit 1.4137.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.
AUD/USD hit 0.9066 during European afternoon trade, the pair’s highest since August 17; the pair subsequently consolidated at 0.9062, soaring 1.75%.
The pair was likely to find support at 0.8860, Tuesday’s low, and resistance at 0.9139, the high of August 11.
Earlier in the day, Australia’s Bureau of Statistics said the country’s gross domestic product increased a seasonally adjusted 1.2% in the second quarter, up from growth of 0.7% in the first quarter, whose figure was revised from 0.5%.
Analysts had expected Australia’s economy to expand 0.9% in the second quarter.
The report also showed that year-on-year, annualized seasonally adjusted GDP grew 3.3% in the second quarter, after expanding 2.6% in the first quarter.
Analysts had expected annualized real GDP to grow 2.8% in the second quarter.
The Aussie was also up against the euro, with EUR/AUD shedding 0.72% to hit 1.4137.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.