A pickup in Australia's gross domestic product (GDP) print on Wednesday gave its currency a boost, but analysts told CNBC it was too soon to get excited about a sustained recovery.
The world's 12th largest economy grew 0.8 percent last quarter, above analyst expectations of a 0.6 percent rise. On an annual basis, the economy expanded 2.8 percent, up from 2.3 percent in the third quarter and closer to the usual pace of growth it's enjoyed in recent years.
A pick-up in resource exports and consumer spending was behind the improvement in the overall figure, while a decline in business spending weighed on chances of a stronger pick-up.
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Traders piled into the Australian dollar in response, pushing it up past the psychologically important 90 cents level, though it had fallen back slightly to trade $0.8948 by mid-morning in Asia.
"It's just on trend, it snapped back from last quarter, but the main sector that is contributing to growth is still mining, whereas manufacturing, wholesale trading and energy are still going backwards, which is disappointing," Evan Lucas, strategist at IG told CNBC on Monday.