YoY rises to 2.8% versus 3% estimate
The third-quarter GDP for Australia came in at 0.6% versus 0.7% estimate. The year on year also missed at 2.8% versus 3% estimate
- final consumption expenditures +0.2%
- Gross fixed capital expenditures +1.8%
- chain price index 0%
- the second-quarter GDP was revised up to +0.9% from +0.8%
- Australian household spending rose 0.1%
- savings ratio was 3.2% in third quarter
The numbers missed on both the QoQ and the YoY but the prior month was revised higher by the amount of the miss. The YoY was still weaker though.
The AUDUSD actually shot higher to a print of 0.7630 (from 0.7608 before the number), but quickly tumbled (do others have that high - Bloomberg shows a spike higher too).
The tumble took the price below the 200 and 100 hour MAs at 0.75997 and 0.75943 respectively. We are trading at session lows at 0.7571. The highest corrective high after the report reached 0.7584 so far. That will be close risk. Because of the spike higher the 38.2% and 50% of the move lower, come in around the MA lines at 0.7594 and 0.7599. If the sellers are now in control, the price action should see sellers against the area.
