The Australian dollar breaches above 0.71 for the first time since October 2022

Published: January 25 2023, 20:51 GMT+0

The Australian 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 0.7105).

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 United States Crude Oil Inventories published today at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

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.

Elsewhere, other currency pairs are also gaining ground as GBP/NZD added 0.8% to its value, now trading at 1.9124. Having closed the previous session at 1.6479, GBP/CAD is up 0.67% today to currently trade at around 1.6591.

While Aussie-Dollar is up today, these currencies are lagging behind: USD/SGD is trading around 1.3133 (down 61 pips).

Positive indicators for the Australian dollar are expected going forward as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. 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 expected 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 3.68% year to date.