Aussie-Dollar breaches above 0.71 for the first time since October 2022

Published: January 25 2023, 21:10 GMT+0

Aussie-Dollar breaches above 0.71 for the first time since October 2022

Having closed yesterday at 0.7052, AUD/USD increases to 0.71 (meaning it is currently trading at 0.7106).

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

Uptick comes while some more positive signs for Aussie-Dollar are out as following a previous reading of 8.41 million, Crude Oil Inventories in United States released today at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

At the same time, Australia Consumer Price Index came out at 1.9, while a consensus of analysts was expecting 1.6. Australia Trimmed Mean CPI (QoQ) (Q4) released today at 00:30 UTC with a figure of 1.7, while the previous figure was 1.8.

A look at other currencies also shows bullish price action as GBP/NZD jumps 0.83% to trade around 1.913. GBP/CAD gained 0.69% and is now trading at 1.6593.

While the Australian dollar is up today, these currencies are lagging behind: USD/SGD is down 64 pips from the beginning of the session and now trades around 1.3129.

Positive indicators for the Australian dollar are expected going forward as tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available 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.

Also worthy of note, 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. The Australian dollar has managed to gain 3.68% so far this year despite trading at lows around 0.6213 previously.

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