Australia's economy grew by 0.2 per cent in the March quarter, slower than economists were expecting, dragging the annual rate down to just 2.3 per cent.
Australian Dollar is staying generally firm in Asian session today, as supported by hawkish comments from RBA Governor Philip Lowe. More tightening could still be underway after yesterday's surprised rate hike. Aussie basically shrugged off Weaker than expected Q1 GDP growth. Meanwhile, market reactions to the poor set of trade data from China was surprisingly indifferent. The forex markets are generally quiet though, with most major pairs and crosses stuck inside yesterday's range. Canadian Dollar softens slightly as focus turns to BoC rate decision. There is room for an hawkish twist even if there is no surprised rate hike, which could give the Loonie a lift. Dollar, Euro are the weaker ones for now while Yen is trying to resume its near term recovery.