An interesting day: Aussie-Dollar jumps to the 0.71 level

Published: January 25 2023, 23:41 GMT+0

An interesting day: Aussie-Dollar jumps to the 0.71 level

AUD/USD made its largest single-day jump of 0.71 (0.81%) since October 2022, and is now trading at 0.7109.

United States's Crude Oil Inventories new data released of 533,000 below its previous figure.

Uptick comes while some more positive signs for the Australian dollar are out as 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 today 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.

A look at other currencies also shows bullish price action as GBP/NZD leaps up 0.94% to trade around 1.915. GBP/CAD gained 0.84% and is currently trading at 1.6618.

Meanwhile, USD/SGD closed at 1.3123 (down 0.54%).

Positive indicators for Aussie-Dollar are expected going forward as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC. United States GDP projected to come out at 2.6 — worse than previous data of 3.2; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

Furthermore, the market is looking at United States New Home Sales (Dec) is scheduled for tomorrow at 15:00 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 4.57% year to date.