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Australian dollar drops as GDP growth slows

4th December 2013

A report showing the Australian economy expanded by less than anticipated in the third quarter has caused the country's currency to weaken in forex trading markets today (December 4th). 

The Aussie declined against all of its major peers and dropped to its lowest level in three months against the US dollar after gross domestic product growth slowed to 0.6 per cent in the three months to the end of September. 

This is down from 0.7 per cent in the previous quarter and represents an annual expansion figure of 2.3 per cent, which is lower than the 2.4 per cent year-on-year advance recorded in Q2. Analysts had expected an unchanged monthly result and a 2.6 per cent yearly gain.

Yesterday, the Reserve Bank of Australia opted to keep interest rates at the record-low level of 2.5 per cent and the consensus estimate is this will be maintained throughout 2014. 

As of 11:40 GMT, the Australian dollar was trading 1.24 per cent lower against its US counterpart at $0.9024.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.