The Australian dollar was little changed to around $0.652 on Wednesday, after a 0.5% drop in the previous session, as strength in the US dollar offset upbeat domestic GDP data. The greenback held firm, supported by safe-haven demand amid global economic uncertainty, renewed trade tensions, and geopolitical risks, while concerns over rising debt burdens across major economies further supported appetite for the dollar.
On the domestic front, Australia's economy grew 0.6% in Q2, surpassing expectations of 0.5% and accelerating from a revised 0.3% in Q1, marking the 15th straight quarter of growth.
Annual GDP also rose 1.8%, the fastest since Q3 2023, though investors remained cautious on the outlook, with market swaps showing over an 80% chance the Reserve Bank of Australia will hold rates steady later this month.
Elsewhere, the China-proxy Aussie also found support from stronger Chinese services data, climbing to its highest in 15 months and pointing to resilient demand in the region.
Source: Trading Economics
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