The Australian dollar saw a moderate increase against the US dollar on Wednesday. The current AUDUSD exchange rate stands at 0.6589.
Today the market analysed the Australian GDP statistics for Q3 2023. The economic increase did not live up to the expectations, demonstrating the slowest growth rate of the year.
Calculated quarter by quarter, the GDP increased by 0.2% against the expected 0.4%, and year by year, it hiked 2.1%, which is more than the 1.8% expected.
Meanwhile, the Reserve Bank of Australia still applies certain pressure on the AUD exchange rate. Earlier this week, the RBA had a meeting where it left the interest rate without a change at 4.35% per annum. According to the CB's assessments, a pause in the monetary policy will allow for an even estimation of the inflation influence, the labour market situation, and previous increases in the credit costs.
Inflation pressure inside the Australian economy is decreasing gradually, which is confirmed by the statistics. For the AUD, this is a reason for retreating.