Statistics on GDP growth in Australia in the first quarter was better than analysts' forecasts. Thus, gross domestic product grew by 1.1%, vs. forecasted 0.9% and the previous figure of 0.8%. Faster growth of the Australian economy was caused by the growth of the mining industry by 6.8%, financial and insurance services by 2.8% and construction by 3.0%.
In the second quarter growth in the mining industry may slow because it is not expected to be launched such production volumes. In addition, the pressure on the Australian dollar could have a slowdown in the industry in China, which is the main trade partner of the country.
Tomorrow is expected the release of data on the country's trade balance, which can lead to an increase of the Australian dollar, but despite this, we maintain a medium-term negative outlook.
Wish you the profits!
FXFINPRO Capital Analytical department.