The Australian dollar, in the pair with the US dollar, remains in an uptrend. The current AUDUSD quote is at 0.6672.
At the same time, the news from the Australian side is not cheerful at all. The country's GDP grew by 0.2% quarter-on-quarter in Q1 2023. This is the weakest quarterly growth since September 2021. Compared to a year earlier, the Australian economy has increased by 2.3%, slowing down from the previous 2.6%.
Such figures are hardly surprising for the Reserve Bank of Australia which expects rapid economic growth this year.
The RBA's interest rate hike plays a key role in the GDP slowdown. Since May 2022, there have already been 12 rate hikes and after the June meeting, it appears that this is not the final.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.