AUD/USD registers losses on dismal Aussie 'net exports to GDP' number

AUD/USD hit a session low of 0.7457 after the data released in Australia showed that the net exports as percentage of GDP fell more than expected in the March quarter.

AUD hurt by heightened fears of weak GDP

The weak next export figure could shave off 0.7 percentage points of the Q1 GDP due for release tomorrow at 1:30 GMT.

Thus, the Aussie dollar is losing ground across the board. The 10-year Aussie government bond yield dropped from the session high of 2.435% to 2.39% following the data release.

Also hurting the Aussie dollar is the risk-off tone in the markets as indicated by the overnight losses in the US equities and strength in the Yen.

The focus now shifts to the RBA rate decision. The central bank’s commentary on inflation, the housing market and consumer health would be watch out by AUD traders.

AUD/USD Technical Levels

The spot was last seen trading around 0.7466 levels. The support is seen at 0.7450 (10-DMA), 0.7439 (5-DMA) and 0.74 (zero levels). On the higher side, 50-DMA of 0.7487 could offer resistance, which, if breached, would expose 0.7498 (previous day’s high) and 0.7530 (200-DMA).