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AUD/USD: Trading Australia’s 1Q GDP Report
Why Is This Event Important: Economic activity in Australia is expected to contract 1.1% in the first-quarter following the slew of natural disasters from earlier this year, and a dismal GDP report is likely to weigh on the exchange rate as the central bank maintains a cautious outlook for the region. As the Reserve Bank of Australia anticipates the marked appreciation in the local currency to bear down on inflation, a larger-than-expected drop in growth may lead the central bank to carry its wait-and-see approach into the second half of the year, and the AUD/USD may face additional selling pressures over the ... (full story)
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