The Australian dollar rose on Tuesday, gaining the upper hand on a US currency. What else does 9 January AUDUSD Fundamental Analysis disclose? Dig in!
9 January, OctaFX – There are no major data releases scheduled in the North American session. The American Petroleum Institute (API) will supply the market with the weekly crude inventory report, which is a precursor to the official data on Wednesday.
On the policy front, Federal Reserve Bank of Minneapolis President and Federal Open Market Committee (FOMC) member Neel Kashkari will deliver a speech at 15:00 GMT. The FOMC will hold its final policy meeting under Janet Yellen at the end of the month.
Earlier in the session, Australia reported an unexpected surge in building permits for the month of November. Approvals spiked 11.7%, confounding expectations of a 1.3% decline, the Australian Bureau of Statistics said in a report. Compared to a year ago, building permits rose 17.1% following an 18.4% increase the month before.
9 January AUDUSD Fundamental Analysis
The Australian dollar rose on Tuesday, gaining the upper hand on a US currency that has struggled for momentum in recent weeks. The AUD/USD exchange rate climbed 0.3% to 0.7858, where it was trading near three-and-a-half month highs.
The pair faces immediate support at 0.7800. On the opposite side of the ledger, the recent high of 0.7870 is the first resistance eyed by the bulls.
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