Australia GDP Q3 0.3% versus 0.4% estimate

• Prior quarter 0.2%
• GDP 0.3% versus 0.4% estimate
• Real GDP YoY SA 0.8% versus 1.1% estimate. Prior quarter 1.0%.
• Final consumption 0.4%. Prior quarter 0.3%
• Gross fixed capital expenditures 1.5%. Prior quarter -0.1%.
• GDP chain price index -0.2%. Prior quarter -0.9%
• Household spending (which accounts for 1/2 of GDP, added 0 to growth in the quarter, leaving government spending to do all of the heavy lifting with a contribution of 0.6% to GDP.

The AUDUSD has moved lower on the news with the price testing the low of a swing area between 0.6471 and 0.6481. Moving below should see more downside momentum with the low prices from last week and three weeks ago at 0.64332 and 0.64419 as the next downside targets.

This article was written by Greg Michalowski at www.forexlive.com.