After three consecutive days of gains, the Australian dollar is down 14 pips today

Published: January 26 2023, 01:25 GMT+0

After three consecutive days of gains, the Australian dollar is down 14 pips today

After closing at 0.711 yesterday, AUD/USD opened today at 0.7108, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, AUD/USD retains a distinct 0.7096 to 0.7114 daily range.

In contrast, positive data for Aussie-Dollar reported earlier when Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, Australia Consumer Price Index released yesterday at 00:30 UTC with a figure of 1.9, while the previous figure was 1.8. Australia Trimmed Mean CPI (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 1.5.

In the meantime, negative performances are seen in other pairs, EUR/JPY is down to 140.97, losing 39 pips, after closing at 141.36 in the preceding trading session. GBP/JPY is down 42 pips from the beginning of the session and now trades around 160.18. USD/JPY is down 30 pips from the beginning of the session and now trades around 129.2.

Furthermore, tomorrow at 00:30 UTC data for Australia Producer Price Index will be released, with an expected decline to 1.7 from the preceding figure of 1.9. Australia Producer Price Index is expected tomorrow at 00:30 UTC. Australia CFTC AUD speculative net positions will be released tomorrow at 20:30 UTC.

The currency pair has been trending positively for about a month. This year has been a bright one for Aussie-Dollar after trading as low as 0.6213 and going on to appreciate by 4.53% year to date.

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