Australia's Gross Domestic Product data for the second quarter has been released and is weighing on the Aussie.

• Australian GDP SA (QoQ) Q2: 0.9% (est 0.1%; prev 0.8%) - GDP (YoY) Q2: 3.6% (est 3.4%; prev 3.3%).

This is a slight weight to the Aussie that is trying to make a fresh low for the day vs the US dollar and is capped vs. the kiwi:

AUD/NZD H1 chart

Before the data, however, Analysts at ANZ bank explained that ''from a policy perspective it will be the inflation indicators in the GDP report that are key. The RBA’s preferred measure of wider labour costs – non-farm average earnings per hour – looks to have grown at an annual pace of just over 4% in the June quarter.'' 

Labour costs are clearly trending higher which could support the Aussie going forward. The analysts also note that ''household consumption deflator and broader GDP deflator also look to have risen strongly, suggesting still-intense inflationary pressures.''