June quarter GDP data (April - June)

0.8 % q/q ... for a miss on the expectations that had been revised higher after yesterday's export data ... d'oh!

  • expected 0.9% q/q, prior 0.3%

1.8 % y/y ... ditto on the miss

  • expected 1.9% y/y, prior 1.7%

Immediate AUD response is a marking lower, back under 0.8 as I update

More:

The key numbers (via Australian Bureau of Statistics):

  • The Australian economy grew by 0.8% in the June quarter
  • Household final consumption expenditure increased 0.7%
  • Government final consumption expenditure increased 1.2%
  • Exports rose 2.7% for the quarter
  • Compensation of employees increased 0.7%
  • Terms of trade fell 6.0% in the quarter

I reckon some other key numbers are:

  • Public infrastructure spending +0.6% while private is down 0.2% .... need to do better

For a strong economy there is still a lot of reliance on government spending.

The AUD is not being taken to the woodshed after the figures, but its getting a smack around the head on its way there ....

Market is long AUD, providing plenty of sellers right now.

more to come