Aussie Gains as Australian Economy Grows

The Australian dollar recovered today, ending a three-day drop against the U.S. dollar after the report showed Australia's economy grew more than expected in the second quarter. The Australian Bureau of Statistics reported today that Australia's gross domestic product expanded 1.2 percent between March and June, compared with the average forecast of 1.0 percent. The progress continued to fall 0.9 percent in the previous three months. Analysts predict that tomorrow's report on employment show an advance of 10,400 jobs. AUD/USD climbed from 1.0488 to 1.0599 as of 9:40 GMT today and touched the intraday high of 1.0633. EUR/AUD dropped from 1.3338 to 1.3253.