The ascending impulse in AUDUSD continues; the pair is still trading upwards.
The Australian Dollar is getting stronger against the USD on Wednesday. The current quote for the instrument is 0.6999.
In the morning, Australia reported on the GDP for the first quarter 2019, the final revision. The country’s economy expanded by 0.4% q/q, the same as expected, after adding 0.2% q/q in the previous quarter.
Considering that the report may be quite volatile, because it contains a great deal of different components as adjusted for the inflation, one may say that the report turned out to be very positive.
At the same time, numbers from China published this morning weren’t impressive. The Caixin Services PMI dropped down to 52.7 points in Mai after being 54.5 points in April and against the same expected reading. However, taking into account what is happening between the USA and China, this decline is rather logical and may get even worse.
Apart from the domestic impulse, the Aussie is getting support by the weak USD. Taken together, these factors help the Australian currency move away from the May’s lows.