AUD/NZD steadies around 1.1020 on higher than expected Aussie GDP

• AUD/NZD has displayed a subdued performance despite the release of the aussie GDP.
• The quarterly and annualized GDP figures have landed at 0.8% and 3.3% respectively.
• Caixin Manufacturing PMI has been recorded at 48.1 higher than the forecast of 47.

The AUD/NZD pair is trading lackluster in the Asian session despite upbeat Gross Domestic Product (GDP) numbers by the Australian Bureau of Statistics. It looks like the higher GDP numbers in relation to its expectations have failed to cheer the aussie bulls. The cross is consolidating in a narrow range of 1.1014-1.1022 and a similar performance is expected amid the unavailability of any potential trigger.

The Australian agency has reported the quarterly GDP numbers at 0.8% against the estimates of 0.7% and the prior print of 3.4%. While the annual figure landed at 3.3% vs. the expectation of 3% and the former figure of 4.2%.

The GDP numbers seem a little lucrative in comparison with the forecasts, however, a comparison with the previous figures indicates a dismal performance from the Aussie economy. This may bring exhaustion in the ongoing uptrend after a thorough interpretation of the economic data by the market participants.

On the kiwi front, investors are still worried over galloping price pressures. The Reserve Bank of New Zealand (RBNZ) has already stretched its Official Cash Rate (OCR) to 2%. The central bank announced a 50 basis point (bps) interest rate hike last week.

Also, the IHS Markit has reported the Caixin China Manufacturing PMI in the Tokyo session. The Caixin PMI has outperformed the estimates of 47 and the previous figure of 46 after landing at 48.1.