However, one negative quarter does not meet the widely accepted definition of a recession, which requires two falls in a row, and last occurred in Australia in the first half of 1991. Another positive is that GDP has rebounded by 1.1 per cent in the quarter immediately after each of the previous three negative quarters since the early-'90s recession. Capital Economics analyst Paul Dales said some kind of rebound is likely again in the current quarter. "When annual jobs growth has slumped to a two-year low at the same time, there is certainly evidence of a widespread weakening in the economy," he observed.
Aussie is currently being traded around 0.7430 level. Pair is likely to find support around 0.74 handle and resistance above 0.7480 area.
