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AUD/USD Plunges Despite Favorable Growth Data -

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    • AUD/USD Plunges Despite Favorable Growth Data
Dec, 02nd 03:58

The Aussie dipped on Wednesday despite upbeat GDP data as expectations for a Federal Reserve rate hike grew.

The Aussie fell 0.10% to 0.7315 in an otherwise light regional data day, while USD/JPY changed hands at 122.88, up 0.01%.

In Australia, GDP data for the third quarter showed a 0.9% gain, beating an 0.8% increase seen quarter-on-quarter and putting the annual pace at 2.5%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.02% to 99.89.

Overnight, the dollar pushed slightly lower against the other major currencies on Tuesday, after data showed that U.S. |manufacturing activity entered contraction territory last month, but hopes for a December rate hike by the Federal Reserve continued to support the greenback.

The Institute of Supply Management reported on Tuesday that its manufacturing PMI fell to a six-year low of 48.6 in November from 50.1 the previous month, confounding expectations for a rise to 50.5. But speculation that the Fed will raise interest rates at its December 15-16 meeting continued to lend broad support to the greenback.

Investors were eyeing a string of U.S. economic reports this week, including nonfarm payrolls, for further indications on the strength of the economy, as the Fed has said that any decision on interest rates will depend on data.

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