AUD GDP y/y comes in at 2.1% against -21.5% consensus

Australia’s Gross Domestic Product (GDP) year over year was reported at 2.1%, significantly outperforming the consensus estimate of -21.5%. This figure compares to the previous period’s 2.5%. The actual print represented a 109.8% surprise against the market’s expectations.

Following the release, the Australian dollar saw varied movements against major currencies. AUDCAD was up 5.0 pips 15 minutes after the release, while AUDCHF gained 7.8 pips. AUDJPY rose 9.0 pips, and AUDNZD was up 12 pips. AUDUSD saw a 2.7 pip increase. Conversely, EURAUD declined 13 pips, and GBPAUD fell 13 pips 15 minutes post-release. These initial moves are generally smaller than the median 1-hour moves observed after past releases, for example, AUDCAD’s median 1-hour move is 10 pips, and EURAUD’s is 20 pips.