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Australia: Q3 GDP better than expected - Rabobank

FXStreet (Delhi) - Michael Every, Research Analyst at Rabobank, notes that the Australian Q3 GDP this morning was a better than expected 0.9% q-o-q, 2.5% y-o-y.

Key Quotes

“However, domestic demand subtracted 0.5ppts, quite a shocker, with net exports doing the lifting (adding 1.5ppts). Given AUD’s reaction to Q3 GDP was to surge to 0.7325, it’s clear that either the market does not get this point, or it expects the RBA to be painfully slow in grasping it: the sell-off in Aussie 90-day futures says the latter.”

“However, once China decides which reserve currency playbook it is reading from, and the Fed decides how confident it is about hiking into a manufacturing recession, we will have a far better idea of what the RBA will be forced to do next.”

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