Written by Daniel Elo
Investors are looking forward to Australia’s GDP releases for insight as to the state of the Australian economy and the future direction of the Australian Dollar. Australian GDP set for release on February, March 5th. Analysts expect growth of 0.7% (QoQ) and 2.5% (YoY). Some analysts have revised their expectations based on disappointing business spend plans data last week. If the support level holds (0.8915), a better than expected GDP result could drive the price of the Australian dollar beyond the 0.8915 support. A worse than expected result may likely bring the AUD’s previous resistance/support of 0.8830 into play as potential downside target.
Written by Daniel Elo, Independent Analyst for www.EconomicCalendar.com
