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Forex - Aussie gains after Q4 GDP meets expectations, consumer spend up

Published 03/03/2015, 09:11 PM
Updated 03/03/2015, 09:12 PM
Aussie gains in Asia
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Investing.com - The Australian dollar gained on Wednesday after GDP data for the fourth quarter met expectations and even showed gains in consumer spending.

Australia fourth quarter GDP rose 0.5% as expected quarter-on-quarter, taking the annual pace to 2.5%.

A rise in household consumption driven by discretionary spending on recreation and culture and indicates increased confidence among households to spend which was not clearly evident in consumer-confidence data.

AUD/USD traded at 0.7820, up 0.05%, after the data, while USD/JPY changed hands at 119.58, down 0.13%.

Earlier, the HSBC China services PMI rose to 52.0 in February from 51.8 in January.

On Tuesday, Australia surprisingly held its cash rate at a record low 2.5% with many analysts expecting a cut of 25 basis points.

Overnight, the dollar turned broadly lower against a basket of other major currencies in thin trade on Tuesday, as markets digested the previous session's U.S. data that sent the greenback broadly higher and no major U.S. economic reports were expected throughout the session.

The dollar had rallied broadly on Monday after data showed that U.S. manufacturing activity continued to expand in February supported expectations for higher interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 95.40, down 0.05%.

The euro's gains were limited however, as investors remained cautious ahead of the upcoming European Central Bank meeting on Thursday, when it was expected to announce details of its quantitative easing program.

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