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Australian GDP slightly weaker than forecast but AUD sees relief rally

Written by Sam Coxhead on June 1st, 2011.      0 comments

11:40 AM (AEST) The just released Australian first quarter GDP number was -1.2% against an expectation of -1.0%, although after yesterdays numbers a downward revision of the expectation was due. The negative figure attributable to the devastating Queensland floods in the New Year. The AUD has reacted well to the release indicating that the softer data of late meant that traders were positioned for a much worse than expected number.
In the last half hour before the release there looked like there was some profit taking from bought NZD positions, as the NZD sharply softened against all trading partners, and most probably tripped through buying on the AUD/NZD cross.
Elsewhere the Chinese Purchasing Managers Index has been released better than expectations and should provide some support to the AUD. The EURO looks to be supported as a change in stance from the German Govt should see further bailout funds extended to the Greek Govt enabling them to avoid default at this juncture. As one commentator said, this is a process of “kicking the can down the road”. At any  rate, it means a rate towards risk aversion is unlikely for the remainder of the week, and consolidation within current ranges is on the cards.
          Past 24 hours
  Current level Pre- AU GDP  % Chge since AU GDP   Low High
NZD/USD 0.8217 0.8217 0.00%   0.8194 0.8264
AUD/USD 1.0712 1.0673 0.36%   1.0643 1.0757
NZD/AUD 0.7672 0.7700 -0.36%   0.7642 0.7736
AUD/NZD 1.3034 1.2987 0.36%   1.2927 1.3086
NZD/GBP 0.4990 0.4992 -0.04%   0.4966 0.502
NZD/EUR 0.5700 0.5703 -0.05%   0.5708 0.5746
NZD/JPY 66.84 66.89 -0.07%   66.3 67.43
NZD/CAD 0.7947 0.7957 -0.13%   0.7953 0.8049