Australian treasurer Josh Frydenberg is now on the wire, via Reuters, expressing his views on the country’s growth report in Q1.
“The sanitary measures to contain the coronavirus have a considerable cost.”
“The drop in consumption in the first quarter was the largest in 34 years.”
See encouraging signs across the economy as restrictions relax
The AUD / USD prolongs the fall below 0.6950 despite a big blow on the PMI of Chinese services, because the contraction of Australian GDP in the first quarter detracted from the sentiment of bulls. The Australian rebounded hard to reach a new month of 0.6983 on the account of a stronger economic rebound.