Australia’s economy grows in first quarter
Australia’s gross domestic product rose 1.8% from last quarter on a seasonally adjusted basis in the first three months of the year, according to official data released Wednesday. That compared against expectations in a Reuters poll for a 1.5% increase.
“With 1.8% growth in the March quarter 2021, Australian economic activity has recovered to be above pre-pandemic levels and has grown 1.1% through the year,” Michael Smedes, head of national accounts at the Australian Bureau of Statistics, said in a media release.
Following the data release, the Australian dollar changed hands at $0.7755, stronger than levels below $0.772 seen earlier this week.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.898 — weaker than levels above 90 seen earlier this week.
The Japanese yen traded at 109.60 per dollar, stronger than levels around 109.6 seen against the greenback yesterday.