The AUD/USD saw mild gains on Wednesday, rising to 0.6720 amid reduced USD strength.
Australian Dollar records modest gains due to waning USD strength. Australian Q2 GDP meets expectations but relies heavily on government spending. US job openings decrease, indicating potential labor market easing, which weighs on USD. This move followed the release of Australian Q2 GDP data, which met expectations but highlighted the economy's reliance on government spending and subdued private domestic demand.
The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.
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