The Australian dollar gained today, rising for the fourth consecutive session against the US dollar and the euro, as reports about economic growth and the construction sector were beneficial to the currency.
Australia’s gross domestic product rose 0.3% in the March quarter from the previous three months on a seasonally adjusted basis. While it was a noticeable slowdown from the previous quarter’s 1.1% growth, the actual figure was better than predicted 0.2%.
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index climbed from 51.9 to 56.7 in May, demonstrating the fastest growth of the sector in more than two and a half years.
AUD/USD climbed from 0.7505 to 0.7550 as of 7:57 GMT today. EUR/AUD dropped from 1.5018 to 1.4907.
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