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In the Asian morning, Australiaâ€™s third-quarter gross domestic product (GDP) was up 2.5% year-on-year, better than the forecasted increase of 2.1%; the third-quarter GDP quarter rate rose 1.0%, and is forecast to rise 1.0%; meanwhile, the second-quarter GDP It was revised up by 1.4% from the previous quarter and the preliminary data was up by 1.2%. Strong Australian data shows that the Australian domestic economy is still optimistic about the European debt crisis.
Wednesday's Australian GDP data erased the gloomy sentiment caused by Standard & Poor's warning of the eurozone rating and the Reserve Bank of Australia's (RBA) rate cut on Tuesday (December 6th). The Australian dollar was affected by strong GDP data and jumped by 50 points from the 1.0230 level, hitting a high of 1.0280.
European stock markets opened up sharply, and the US dollar index continued to pressure. Non-US currencies extended the Asian market gains and hit new highs within the day. The Australian dollar also extended its upward trend against the US dollar and tested the 1.0300 mark.
Later, a senior German official said that he is even more pessimistic than last weekâ€™s EU summit this Friday, indicating that the Friday summit is still full of many variables. The official also stated that the European Financial Stability Fund (EFSF) and the European Stability Mechanism (ESM), the permanent relief mechanism launched in 2013, will not operate at the same time, which amounts to denying earlier media reports. He also pointed out that there is no plan to expand ESM resources.
This caused market sentiment to be under pressure again. European stocks plunged and fell. US stocks also fell under pressure after the opening of the stock market. The Australian currency weakened against the U.S. dollar, but fell to a low of 1.0230, stating that Sarkozy and Merkel were in charge of the European Union. Chairman Van Rompuy submitted the EU treaty amendment plan, saying that all countries must decide whether to accept abandoning part of the budgetary sovereignty, which will result in a slight improvement in market sentiment.
From the chart, the Fibonacci retracement of the Fibonacci Retracement line has a strong support at 1.0230, while the previous high of the 1.0300 juncture at the top has strong pressure. Therefore, the exchange rate temporarily oscillates in this range.
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