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Aussie dollar falls as weak household spending weighs on Q3 GDP

The Australian dollar fell after economic growth slipped to 0.6% quarter over quarter in the three months to September, down from 0.8% in the preceding quarter and damping speculation of a rate hike.

While increased activity in both private business investment and public infrastructure provided broad growth across industries, household consumption was weak, expanding by only 0.1%, despite higher household income, the Australian Bureau of Statistics said.

Net exports' contribution to growth was flat despite higher mining production, as the terms of trade sank 0.4% on the back of lower export prices.

The Australian dollar slipped about 0.3% to 75.92 U.S. cents by 9:38 am in London, with Société Générale analysts saying speculation of a rate hike was receding.