AUDUSD reached a significant milestone on Monday, as the currency clocked in above 79 US cents for the first time in nearly four months. Gain more insights on Aussie with OctaFX’s 15 January AUDUSD Fundamental Outlook.
15 January, OctaFX – The global financial markets are off to a whimper this week, as only a small trickle of economic data makes its way to investors. In the United States, traders will be on pause to observe Martin Luther King Day.
The only data release of note on Monday already happened. The Australian TD Securities inflation report showed a 0.1% increase in consumer prices last month, following a gain of 0.2% in November. This translated into year-over-year growth of 2.3% following a gain of 2.7% the previous month.
The Australian dollar rose following the release to trade at fresh three-and-a-half-month highs against the greenback.
15 January AUDUSD Fundamental Outlook
The Australian dollar reached a significant milestone on Monday, as the currency clocked in above 79 US cents for the first time in nearly four months. The improvement has coincided with a broad decline in the US dollar, which ended last week at a three-year low.
The US dollar has been unable to muster any gains despite a growing likelihood of higher interest rates over the next 12 months. The AUD/USD exchange rate rose 0.5% to 0.7841, where it was trading near session highs. Investors can expect the pair to make an attempt at 0.8000 level. Along the way, the market could be rangebound.
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