The Australian economy is showing signs of growth as of Q3 2015. This is stated in the latest report published by the Australian Bureau of Statistics. They say the key factor driving the growth is an increase in the country’s commodity export.
In particular, the Australian GDP increased by 0.9% over the reporting period (in Q3 relative to Q2). As far as year-over-year figures are concerned, the GDP increased by 2.5% in Q3 2015 relative to Q3 2014.
As the investment boom in Australia’s mining sector starts shrinking, Australia keeps on trying to increase the export of natural gas and iron ore to Asian markets. The thing is that such efforts start brining fruit, which further translates into higher GDP. By the way, that’s one of the key reasons why the Australian GDP increased by 1.5% in Q3 2015. The list of other contributors to the GDP growth includes higher constriction volume in the sector of residential property along with higher export and stronger consumer demand.
FOREX
Meanwhile, the Australian Dollar keeps on strengthening versus the U.S. Dollar, which means AUDUSD is still rallying as well. The currency pair is going up inside wave 3/C of level H16, Masterforex-V Academy reports. The price is still within the scope of sub-wave 3/C of the rally.
The current wave will be terminated as soon as the price breaks below the bottom of the ascending MF sloping channel and MF pivot 0.7169. Alternatively, the closest levels of resistance are located at 0.7362/80 + 0.7416, 0.7448, 0.7492/99.
