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Treasury estimates potential annual GDP growth at 2.75%.

There were no major data releases from Australia this morning. The Australian dollar is higher despite a fall in consumer confidence. The latest ANZ-Roy Morgan weekly consumer confidence index is down 1.2 per cent for the week to November 22, extending the 0.6 per cent dip of the previous week.  Read more...

Sterling continues its downtrend

There were no major data releases from the UK today,with traders still influenced by budget deficit figures. Predictions for a slowdown in the third-quarter GDP in the U.K. are also weighing on prices. Slower factory output, combined with volatile exports and weaker retail sales over the summer period are pointing towards a slowdown in the third-quarter GDP. 
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Australia's economic growth slows as exports decline

Gross domestic product advanced 0.2% from the first three months of the year, when it rose 0.9%, government data showed Wednesday. That compared with the median of 27 estimates for a 0.4% gain and was the weakest result since 2013. Firms in Australia - an engine room of the decade-long global commodity boom - plan to cut investment in the next 12 months, betting they can meet demand from heavily indebted households with existing capacity. The report spans a period when Australia cut interest rates for the second time this year to a record-low 2% to offset falling commodity prices. 
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US GDP up by 3.7% in Q2

Gross domestic product, the value of all goods and services produced, rose at a 3.7 percent annualized rate. Analysts were forecasting 3.2% growth. American households, bolstered by gains in employment, rising home prices and cheaper fuel costs, will probably continue to spur the economy in the second half of the year. At the same time, a record surge in stockpiles represents another headwind for manufacturers already contending with a rising dollar and slumping emerging markets that have hurt exports. Read more...

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