Australia’s economy expands twice the pace forecast

by Joe Oliver, Forex Trading-Pips

Australia’s economy expanded twice the pace forecast, driven by household spending and engineering construction. GDP rose 1.3 percent in the first quarter, more than double the .5% increase forecast by economists while growth came in at 4.3 percent higher compared with the first quarter of 2011. Australian dollar appreciated two-thirds of a cent against the US dollar to $0.9854.

 

Australian dollar 60 minute bars

Australian dollar 60 minute bars