FX.co ★ Global macro overview for 02/09/2015

Global macro overview for 02/09/2015:

Disappointing data from Australian economy regarding national GDP was released overnight. It showed a decrease in the GDP qrowth rate to the level of 0.2% q/q (2.0% y/y) for the second quarter vs. an expected increase to the level of 0.4% q/q (2.2% y/y). Please notice the prior quarter GDP number at the level of 0.9% q/q (2.5% y/y) was way better then the recent one, but the RBA has decided to maintane the rate at the level of 2%. The Australian GDP is dangerously close to slip under 0% that means the prosperity time will be over for this commodity depended country.

The AUD/USD reaction for both events was bearish as the technical support at the level of 0.7048 was broken with the daily cleaned close below it. So, it does not look like unstoppable sell-offs in this pair might stop.