Aussie Recovers After Australia GDP Data

The Australian dollar recovered from its early lows against the other major currencies in the Asian session on Wednesday, following the release of the nation's economic growth figures.

Data from the Australian Bureau of Statistics showed that Australia's GDP grew at a faster rate in the fourth quarter, but growth was slower than expected. The economy advanced 0.5 percent quarter-over-quarter in the fourth quarter after the 0.4 percent rise in the third quarter. Economists expected GDP to rise 0.6 percent.

On a yearly basis, GDP climbed 2.5 percent, in line with the consensus estimate, after the 2.7 percent growth in the third quarter.

The Australian dollar recovered to 93.69 against the yen and 1.4270 against the euro, from early lows of 93.28 and 1.4334, respectively.

Against the U.S. and the Canadian dollars, the aussie rose to 0.7833 and 0.9780 from early lows of 0.7795 and 0.9732, respectively.

If the aussie extends its uptrend, it is likely to find resistance around 96.50 against the yen, 1.41 against the euro, 0.81 against the greenback and 1.01 against the loonie.