Australian GDP - positive deviation leads to pop higher and then trend

Australian GDP is released only quarterly and has a good reaction to price. There are some issues with Australian data in terms of the way it is released. Apparently only the Interest Rates are released electronically while the other data is at first transmitted by phone so various news services pick it up at slightly different times.

Tonight's q/q data came out at +1.0% above the +0.8% expect and thus a +0.2 deviation above the median expectation. The previous quarter's release was also revised up from +1.2% to +1.4% so again a positive deviation. This is all for the quarterly figures.

There was also y/y numbers which were also higher coming out at +2.5% above the +1.9% median expectation for a +0.6 deviation higher. Also the previous month was revised from +1.4% to +1.9 for a +0.5 deviation.

First the 1 minute chart shows how the initial reaction all came in the 1st minute, then things went sidewise for over 90 minutes.

then after a pullback to the 61% fibonacci level of the initial news release reaction spike, price again turned to the upside to rally further. Here is the 5 minute. The price action was very similar to the September release, only with the exception that this time there was more of a pullback over 3 hours after the release before things further rallied, but again profit taking did occur an hour or so after the London open, just like September.