Kicking off the session at 0.7052, the Australian dollar currency pair peaks at 0.7125

Published: January 25 2023, 19:46 GMT+0

Kicking off the session at 0.7052, the Australian dollar currency pair peaks at 0.7125

The Australian dollar went up to 0.7125 only to drop back to some of the way and is now trading at 0.71.

Uptick comes while some more positive signs for Aussie-Dollar are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

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.

Elsewhere, other currency pairs are also gaining ground as GBP/NZD is up 0.86%. GBP/CAD gained 0.7% and is currently trading at 1.6595.

Meanwhile, USD/SGD closed at 1.3134 (down 0.45%).

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.

The currency pair has been trending positively for about a month. The Australian dollar has gained 3.68% since its lowest print of 0.6213 earlier this year.

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