Aussie Weakens After Second-Quarter Growth Misses Estimates

Australia 2Q GDP 0.5% on Quarter

The Australian dollar weakened after the nation’s economy grew less than analysts forecast.

The Aussie bought 76.62 U.S. cents at 11.34 a.m. in Sydney, down 0.3 percent from Tuesday’s close, after dropping as much as 0.4 percent.

Gross domestic product expanded 0.5 percent in the quarter ended June 30 from three months earlier, government data showed Wednesday. Growth undershot the median estimate of 26 economists in a Bloomberg survey of a 0.6 percent gain.

The Reserve Bank of Australia left borrowing costs unchanged Tuesday at a record-low 1.5 percent following two cuts in the past four months.