The Australian dollar edged higher on Tuesday due to bets the economic growth in the 1st quarter might be slightly stronger than expected.
Based on official figures, net exports will contribute 0.5% to the 1st quarter gross domestic product.
The Aussie closed at 69.85 euro cents from Monday’s 70.01 euro cents, and 76.31 US cents down from 76.65 US cents.
GDP was 0.1% stronger than we were anticipating… “There was an upside surprise to the contribution net exports will make to GDP,” said Robert Rennie, Chief Currency Strategist at Westpac.
The material has been provided by InstaForex Company – www.instaforex.com