The worst economic performance in nearly 30 years is not holding back the Australian dollar's recovery as it stormed to a five-month high on Wednesday fuelled by the same global risk appetite that's returned Wall Street's Nasdaq index to within 1 per cent of its record high.
On Wednesday, the Australian Bureau of Statistics said March quarter GDP fell 0.3 per cent, not as bad as expectations of a 0.4 per cent contraction, but also marking the first negative quarter since 2011.
