The Australian Dollar slowed down its growth. Overview for 02.06.2021

AUDUSD is moving downwards on Wednesday after a quite successful trading session earlier. 

The Australian Dollar is falling against the USD on Wednesday. The current quote for the instrument is 0.7737.

The statistics published today showed that the Australian GDP was 1.8% q/q in the first quarter of 2021 after being 3.2% q/q in the previous quarter and against the expected reading of 1.5% q/q. On YoY, the indicator showed 1.1%, which is also better than expected.

This proves that the Australian economy is back to its pre-pandemic growth rates and continues its active recovery. The economic growth is supported by an increased production output thanks to the expansion of private investments.

In addition to that, there is a burst of activity in the real estate sector and household spending (+0.7%). 

It is expected that consumers will become more active after all social restrictions are removed, thus helping the economy to recover more quickly.

Today’s local decline in AUDUSD may be caused by some technical factors because, from the fundamental point of view, the situation for the Aussie is quite favorable and may help the national currency to rise in the mid-term.