The Australian dollar jumps to the 0.71 level

Published: January 25 2023, 20:16 GMT+0

The Australian dollar jumps to the 0.71 level

AUD/USD leapt up to 0.71 (0.74%) β€” now trading at 0.7105.

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

This move 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.

At the same time, 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.

Other currencies are also rising as GBP/NZD is up 0.84% to 1.9132. Having closed the previous session at 1.6479, GBP/CAD is up 0.65% today to currently trade at around 1.6587.

While the Australian dollar is up today, these currencies are lagging behind: after ending yesterday's session at 1.3194, USD/SGD lost 63 pips and is trading around 1.313.

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. United States GDP projected to come out at 2.6 β€” 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 expected tomorrow at 15:00 UTC.

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.