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February 23, 2023
AUD/USD is rallying again to 0.6823 (up 12 pips), after erasing earlier gains.
United States Crude Oil Inventories data will be released today at 16:00 UTC, with an expected decline to 2 million.
The Australian dollar upside coincides with further encouraging market factors as GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.
Meanwhile, Australia Private New Capital Expenditure (QoQ) (Q4) released today at 00:30 UTC with a figure of 2.2, while the previous figure was 0.6.
Positive indicators for the Australian dollar are expected going forward as projections for United States Crude Oil Inventories are set for a continuation of decline with 2 million while previous data was 16.28 million; data will be released today at 16:00 UTC.
Furthermore, the market is looking at Australia CFTC AUD speculative net positions is expected tomorrow at 20:30 UTC. United States Core PCE Price Index (MoM) (Jan) scheduled to come out tomorrow at 13:30 UTC.
As things stand, the Australian dollar is 9.6% away from a significant low of 0.6213 first set 4 months ago.
