Aussie had a mixed day Wednesday with much of the positive coming from the stronger than expected Q1 GDP data, which came in at +1.1% qoq and +3.5% yoy. Aussie had been quietly sliding lower all morning until the release, but immediately jumped from $0.9260 to $0.9299, where sellers emerged off the level where, on Monday, the weaker April Building Approvals data had seen the market plummet. Further analysis andEconomist commentary focused on the +0.9% added by mining exports, with a weakerpicture in the backdrop. After looking to consolidate at the $0.9280 level, the pair slipped in lunchtime trade as the USD rose against the majors, with the pair eventually back to the $0.9260 mark where it had all began. However, the overall picture remains that GDP growth, wherever it has come from, is at +3.5%, and inflation is on the high side of the RBA’s target range. AUD began a slow climb back to it’s current level of $0.9271, up just 5bps on the day, midpoint of the $0.9253/0.9299 range for the day.
