Aussie Q3 2013 data is out on the 4th Dec and Standard match estimates with a call for 0.7% q/q and 2.5% y/y. They say that domestic demand was the supporting factor in growth with increased consumption. Retail sales boosted the economy in August and September after a poor second quarter.

Strong export growth also helped alongside weaker imports but business investment was likely weaker. They see little growth from the manufacturing sector.

Overnight the aussie dollar fell after the RBA minutes but no real surprises found it supported ahead of the July trendline.

AUD/USD daily chart 03 12 2013

AUD/USD daily chart 03 12 2013

If GDP data comes in better than expected then we could see us back in the 0.91.’s and maybe pushing 0.92. How the pair reacts to any good data will be important to watch. I still feel that there is plenty of bias to the downside but we seem to be building a base down here at the moment.