Australia has released it’s GDP figures for Q2, muchly anticipated after COVID-19 had dug it’s claws in. But how much of a bite did it take out of the economy? Well thanks to it’s resurgence in Victoria, it was a Great Australian Bites worth. Coming in at the largest recorded pct to date at -7.0% QoQ and -6.3% YoY resulting in much worse than expected numbers, the Aussie has not taken a liking to the numbers dropping to 0.7335. However this should be short lived as we see the rest of the world tracking much worse leading traders to shift towards the AUD/USD as their investment of choice.
Gross Domestic Product (GDP) is the measure of the total value of all goods and services produced by Australia. A positive result or better than expected result would be seen as positive for the currency and on the flip side a poor result would be see as negative.