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Expert's opinion from FXFinPro

FXFINPRO CAPITAL

Australia's GDP grew by 1.1% in Q1

Today have been published important data on GDP growth in Australia, which has led to the growth of the local currency against the US dollar. Thus, the economy grew by 1.1% in the 1st quarter against the expected growth by 0.7%. Strong support for the economic growth was exports of iron ore and liquefied natural gas. On the other hand, manufacturing PMI in the country dropped to 51.0 in May, compared to 53.4 in April. Volatility will remain elevated tomorrow in connection with the release of reports on retail sales and the trade balance of the country. In addition, tomorrow is worth paying attention to the dynamics of oil prices, where are likely strong price movements in connection with the meeting of OPEC. We maintain our medium-term negative outlook, with targets at 0.7000 and 0.6840, but do not exclude the growth to 0.7400 in the near future.

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