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Australian GDP grew by 1.1% in Q1

Wednesday, Jun 01 2016
Australia’s economy grew at the fastest pace in four years last quarter  even as diminishing inflation pressures spurred the central bank to cut interest rates in May. Gross domestic product rose 1.1% from three months earlier, when it gained a revised 0.7%, and beat economists’ estimates for 0.8% increase. From a year earlier, the economy expanded 3.1%, compared with estimates for a 2.8% gain.
Expansion was driven by a 4.4% jump in exports, which added 1 percentage point to growth; and a 0.7% increase in household spending. The report is a fillip for Prime Minister Malcolm Turnbull, who’s battling for another term ahead of what’s shaping up to be a hard-fought July election. It’s also a snapshot of Australia’s economy in the rear-view mirror, a period when the iron ore price jumped amid resurgent demand in China and unemployment dropped to a two-and-a-half-year low.
 
Aussie is currently being traded few points above 0.7270 level. Pair is likely to find support around 0.7220 handle and resistance above 0.7330 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
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