After six days of declines, Aussie-Dollar is up 8 pips today

Published: May 26 2023, 23:01 GMT+0

After six days of declines, Aussie-Dollar is up 8 pips today

After closing at 0.6511 yesterday, AUD/USD began today at 0.6511 with significant bullish sentiment driving AUD/USD's price action higher. So far today, price action has drawn out a distinct 0.6493 to 0.6545 range.

The Australian dollar upside coincides with further encouraging market factors as Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%.

Nevertheless, highly important Retail Sales data from Australia beat analyst expectations of 0.3% with a reading of 0%.

At the same time, Australia CFTC AUD speculative net positions released today at 20:30 UTC with a figure of -49,100, while the previous figure was -53,600.

Elsewhere, other currency pairs are also gaining ground as GBP/JPY gained 0.66% and is now trading at 173.67. Having closed the previous session at 2.0311, GBP/NZD is up 0.47% today to currently trade at around 2.0406. USD/JPY is up 0.41%.

The Australian dollar is now trading 11.49% away from its significant high of 0.7356 first tested 7 months ago.