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Australian dollar tumbles after powerful US GDP data

Australian dollar tumbles after powerful US GDP data

Australian dollar tumbles after powerful US GDP data
PERTH: The Australian dollar is weaker ahead of the strongest US economic growth figures in 11 years.
At 0630 AEDT on Wednesday, the local dollar was trading at 80.94 US cents, down from 81.06 cents on Tuesday.
In overnight trade it fell as low as 80.89 US cents, its weakest level since June 2010.
US gross domestic product (GDP) increased by five per cent between July and September, the Commerce Department said.
The figures would increase hopes that the US Federal Reserve will raise its interest rate sooner than anticipated, which has helped the US dollar rally.