Aussie Tries to Hold Ground After Touching Multi-Year Low

The Australian dollar was attempting to rally at the start of the Wednesday’s trading session but failed, dragged down by slower-than-expected growth of Australia’s economy. The currency is trying to hold ground as of now after dipping to a new multi-year low against the US dollar earlier.
Australian gross domestic product grew 0.2 percent in the second quarter of this year. The expansion was slower than the first quarter’s 0.9 percent and the forecast 0.4%. The poor domestic data added to concerns caused by the global economic slowdown, pushing the Aussie further down after yesterday’s huge decline.
AUD/USD traded at about 0.7002 as of 9:36 GMT today after opening at 0.7015 and falling to 0.6982 — the lowest rate since April 2009. AUD/JPY was up from 83.72 to 83.85 following the rally to the session high of 84.71.

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