Kicking off the session at 0.7052, Aussie-Dollar currency pair peaks at 0.7125

Published: January 25 2023, 20:25 GMT+0

Kicking off the session at 0.7052, Aussie-Dollar currency pair peaks at 0.7125

Aussie-Dollar trades at 0.71 after gaining 47 pips (0.67%).

The Australian dollar upside coincides with further encouraging market factors 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 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.

Elsewhere, other currency pairs are also gaining ground as GBP/NZD leaps up 0.87% to trade around 1.9137. GBP/CAD gained 0.63% and is currently trading at 1.6584.

At the same time, USD/SGD is down to 1.3134, losing 60 pips, after closing at 1.3194 in the preceding trading session.

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

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 3.68% year to date.

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