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Australia has officially entered its first technical recession in nearly three decades.It posted a seven percent quarter-on-quarter contraction in Q2, its steepest-ever plunge, and was one percentage point worse than what markets had expected. This latest GDP reading follows the minus 0.3 percent q/q print in Q1. Two consecutive quarters of quarter-on-quarter GDP declines meet the criteria for a technical recession.In the hours leading up to the GDP release, AUDUSD had been paring back its recent gains and fell by as much as one percent from its latest two-year high, with the 0.741... Read More
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