Aussie Tumbles On Weak GDP

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1. Aussie Tumbles On Weak GDP

The Australian dollar tumbled in early Wednesday trading after data revealed that the Australian economy did not perform as well as expected in the fourth quarter, expanding 2.3% from a year earlier, a marked slowdown from Q3’s revised +2.7% and below economists’ more optimistic forecast of a 2.5% gain. Meanwhile, the RBA also ended a 30th straight meeting with rates at a record-low of 1.50 percent. The Australian statistics agency commented that the subdued growth reflected soft household spending and a decline in dwelling investment. The data miss pushed AUD/USD down immediately to its lowest since January 4. The AUD/USD was last seen trading at 0.7029, 0.7% lower as of 7:30 GMT, while against the JPY the Australian dollar tumbled 0.8% at 78.59.*

2. Bullish Litecoin Sweeps The Crypto Markets

As the cryptocurrency market momentum has caught its breath once again, all major crypto pairs seem to be moving higher. The Litecoin leads today’s rally having added more than 15% in value against the dollar and the euro. LTC/USD was last seen trading at $52.950 as of 7:40 GMT. EOS/USD is also enjoying a healthy uptrend adding more 14.7% at $3.8162 while Ethereum was last seen trading 7.47% higher against the US dollar at $140.16.**

3. Oil Dips On US Stocks Build

Oil prices slipped in early Wednesday trading after some bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed ongoing OPEC-led production cuts. International Brent crude futures (CL_BRENT) were at $65.50 per barrel at 7:40 GMT, down 36 cents, or 0.55 percent, from their last settlement. U.S. West Texas Intermediate (USOIL) crude oil futures were also down 0.7 percent, or 40 cents, at $56.17 per barrel.***

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*Source: Investing Mar 6, 2019 2:48 AM ET
**Source: Reuters Mar 6, 2019 3:53 AM ET
***Source: CNBC Mar 6, 2019 03:07 AM ET

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