The Australian dollar reached a new one-week peak Wednesday, as the country’s gross domestic product climbed more than anticipated in the 1st quarter.
According to Australian Bureau of Statistics, GDP increased by 0.9%, from 0.5% in the last quarter.
The Aussie closed at 69.95 euro cents from Tuesday’s 70.29 euro cents, and 78.15 US cents from 77.00 US cents.
The currency was able to cash in on its advances made yesterday after the Reserve Bank of Australia “showed no indication that it was thinking of cutting the cash rate further and some weak US data,” said Liam Moon, Senior Dealer at Easy Forex.
The material has been provided by InstaForex Company – www.instaforex.com