Australia Q2 GDP:

For the q/q, in at 0.5%

  • expected +0.4% q/q, prior was +1.1%

For the y/y in at 3.1%

  • expected +3.0% y/y, prior was +3.5%
  • Q2 chain price index down 0.5% q/q
  • Q2 household spending +0.5% q/q
  • Q1 GDP was +1.1% q/q

GDP is higher by 0.5% q/q – inventory build added 0.9 ppt, exports subtracted 0.9 ppt

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I had a preview here: PREVIEW – Australian dollar data today is a big one … Q2 GDP

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So, all those who revised their forecasts higher (see linked preview) were on the right track

AUD/USD jumped 20 or so points but immediately slapped back down again, up about 9 points from prior to the release as i type

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Still to come at 1.20pm Sydney time (0320GMT, 2320NY time)

  • Address by Glenn Stevens, Governor of the Reserve Bank of Australia (RBA), to the Committee for Economic Development of Australia (CEDA) Luncheon