Published: 2024-03-06T05:20:28.000Z
AUD/USD flows: Q/Q GDP Misses
FX Analyst
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Australian Q4 2023 GDP +0.2% q/q vs. expected +0.3%, 1.5% y/y vs expected 1.4%.
The Australian 2023 Q4 GDP missed estimate on a q/q basis at 0.2%, unchanged from Q3 and treads lower y/y to 1.5% from 2.1% in the previous quarter. We are finally seeing domestic demand succumb to inflationary pressure with the household savings ratio increased to 3.2% from 1.9%. The Australian domestic demand has been supporting the economy unsustainable for the past quarters with negative real wage. The report signals the beginning of Australians' reaction towards depleting savings.
Regional sentiment is positive and see the AUD/USD supported and trading 0.21% higher at 0.6517.