Dollar gains ground after GDP figures
THE Australian dollar rose sharply after official figures showed the local economy avoided a recession and returned to growth in the June quarter.
THE Australian dollar rose sharply after official figures showed the local economy avoided a recession and returned to growth in the June quarter.
Gross domestic product (GDP) rose 1.2 per cent in the quarter, after a downwardly revised 0.9 per cent fall in the March quarter.
The Australian dollar was trading at 105.39 US cents in the moments prior to the release of the figures at 11:30 (AEST), then immediately rose to 105.68 US cents.
The local currency closed at 105.39 US cents yesterday.
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