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Market News AUD/USD surpasses 0.6920 due to optimistic Australian Trade Balance report

AUD/USD surpasses 0.6920 due to optimistic Australian Trade Balance report

AUD/USD has picked strength and has reached above 0.6920 with the announcement of positive Aussie Trade Balance data. Only an unexpected increase in US inflation might give support for the US Dollar Index. The Australian Dollar may demonstrate power-pack activity after the release of China’s inflation statistics.

Alina Haynes

2023-01-12

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The AUD/USD pair has risen above 0.6920 after the Australian Bureau of Statistics released monthly Trade Balance (Nov) data that was stronger than anticipated. The economic statistics has increased to 13,201M from 10,500M as expected and 12,217M as previously reported.

Prior to the announcement of the United States Consumer Price Index (CPI) data, investors refrained from establishing substantial holdings in the Australian dollar.

After back-to-back strong sessions, S&P500 futures are seeing slight selling pressure, indicating investor nervousness ahead of the US inflation report. The US Dollar Index (DXY) continued to struggle around 103.00 under a lackluster trading environment. In the meantime, 10-year US Treasury yields have recovered and risen beyond 3.56 percent.

Analysts at RBC Economics anticipate a sharp deceleration in annual U.S. consumer price increase in December, from 7.1% in November to 6.3%. The huge fall in energy prices is partly responsible for the precipitous decline in price rise. In December, they anticipate 'core' (excluding food and energy products) price rise to decelerate to 5.6% YoY from 6.0% in October.

In the previous few weeks, the US Dollar Index has been ravaged, and only an unexpected spike in inflation data could give a buffer for the future. In a broader sense, Wells Fargo analysts anticipate that inflation will fall to 2.2% YoY by the end of the year.

The Australian Dollar will experience movement with the announcement of China's CPI statistics. According to projections, annual CPI (Dec) is projected to increase to 1.8% from the previous report of 1.6%. While the monthly result may decline by 0.1% compared to the previous announcement of -0.2%, the previous report was -0.2%. In addition, the Producer Price Index (PPI) may decline by 0.1%.