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Australian GDP rose by 0.9% in the first quarter

Wednesday, Jun 03 2015
According to the latest release, in seasonally adjusted terms, Australian GDP increased by 0.9% in the March quarter. Analysts were anticipating smaller increase by 0.6%. The Terms of trade decreased 2.9%, and Real gross domestic income increased 0.2%. The main contributors to the increase in expenditure on GDP were Net exports (0.5 percentage points) and Final consumption expenditure (0.4 percentage points). The main detractor was Total gross fixed capital formation (–0.3 percentage points). 
 
The main contributors to the increase in GDP growth were Mining (0.3  percentage points) and Financial and insurance services (0.2 percentage points). The main detractor to growth in GDP was Construction (–0.1 percentage points). Despite the figures, some still expect sharp slowdown in coming months. 
 
"The drag from the wind back in mining investment still has a long way to run and is likely to be much sharper over coming quarters as large-scale LNG projects approach completion," ANZ said in a note Wednesday. "Added to this is the recent weakness in non-mining investment intentions. And with growth in household consumption remaining soft, it's difficult to see what will drive businesses to lift investment."
 
After the data, Aussie was pushed higher, breaking above 0.78 handle, but pulled back and is currently being traded few points below 0.78 area. Pair is likely to find support around 0.7750 and resistance above 0.7850 level. Later today, in the US session, ADP job figures as well as Trade Balance and Non-Manufacturing PMI data is scheduled for a release.
More in this category: « USD pushed lower against its major rivals Spanish and Italian Services PMI fell in May »

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