The Aussie rose. Overview for 01.12.2021

AUDUSD is recovering, this time quite successfully. 

The Australian Dollar rose against the USD on Wednesday. The current quote for the instrument is 0.7152.

Strategically, the Aussie remains under pressure. However, even the slightest attempt to recover is looking quite positive. 

The statistics published in the morning showed that the GDP dropped 1.9% q/q in the third quarter, and that’s much better than experts expected, -2.7% q/q. In the previous quarter, the indicator expanded by 0.7% q/q. 

This is the first time the indicator was below zero after four consecutive quarters of growth. The country’s economy in the third quarter is 0.2% below its pre-pandemic values and that’s not good news.

On YoY, the indicator added 3.9% in the third quarter, more than expected.

The main reason why the growing impulse can’t continue is social restrictions forced by the pandemic and lockdowns. In the third quarter, Australia introduced restrictions in New South Wales and Victoria due to the increasing number of new coronavirus cases. Selective lockdowns resulted in the reduction of consumer spending, which, in its turn, had a negative influence on the GDP.