CANBERA (dpa-AFX) - The Australian dollar gained ground against the other major currencies in early Asian deals on Wednesday after data showed that Australia's gross domestic product for the first quarter topped forecasts.
Australia's gross domestic product gained a seasonally adjusted 1.1 percent on quarter in the first three months of 2014, the Australian Bureau of Statistics said today.
That beat forecasts for an increase of 0.9 percent following the 0.8 percent gain in the fourth quarter of 2013.
On a yearly basis, GDP climbed 3.5 percent - also topping expectations for a rise of 3.2 percent and up from 2.8 percent in the three months prior.
The aussie strengthened to 1.1023 against the kiwi, a level not seen since December 2013, and more than a 2-week high of 1.0155 against the loonie.
The aussie climbed to 95.40 against the yen, its highest level since May 15. Against the euro and the greenback, the aussie hit 2-day highs of 1.4637 and 0.9296,respectively.
The next possible upside target for the aussie is seen around 0.935 against the greenback, 1.456 against the euro, 1.02 against the loonie, 96.00 against the yen and 1.11 against the kiwi.
Copyright RTT News/dpa-AFX