Australia’s economy grows in the first quarter

Australian gross domestic product rose by a seasonally adjusted 1.8% in the first three months of the year compared to the last quarter, according to official data released on Wednesday. This compared to expectations in a Reuters poll for an increase of 1.5%.

“With growth of 1.8% in the March quarter of 2021, Australian economic activity recovered above pre-pandemic levels and grew 1.1% over the year,” said Michael Smedes, head of national accounts at the Australian company Statistics Office, in a press release.

After the data was released, the Australian dollar changed hands at $ 0.7755, stronger than it was below $ 0.772 earlier this week.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its peers, came in at 89.898 – lower than the over 90 levels earlier this week.

The Japanese yen was trading at 109.60 per dollar, up against the greenback yesterday at 109.6.

Oil prices were higher on the afternoon of Asian trading hours, with international benchmark Brent crude oil futures rising 0.26% to $ 70.43 a barrel. US crude oil futures rose 0.22% to $ 67.87 a barrel.