9:30pm (NY Time) AU GDP q/q Forecast 0.6% Previous 0.4%
ACTION: AUD/USD BUY 0.8% SELL 0.3%
“GDP is the market value of all final goods and services produced within a country in a given period of time. It is also considered the sum of value added at every stage of production of all final goods and services produced within a country in a given period of time.” In short, if you were to reduce the entire economy into a simple number, it would be the GDP.
We got a better than expected release but didn’t see corresponding market reaction. In other words, no momentum or follow through for a much better than expectation release. Therefore I decided to stay out of the market as this release was against the risk aversion trend.