AUD Soars on Strong Q2 GDP Growth, RBA Hike Odds Rise

Australia's economy experienced robust growth in Q2, surpassing expectations with a 0.4% quarterly increase and 2.1% annual growth rate.

The strong GDP numbers were driven by household spending, particularly vehicle purchases, which contributed significantly to the growth.

Brown Brothers Harriman's (BBH) Elias Haddad notes that despite the AUD/USD falling to a multi-day low of 0.7125 due to broad US Dollar strength, Australia's attractive carry and commodity-linked tailwinds remain key support factors for the Australian Dollar.