AUDUSD Analysis – January-12-2024

AUDUSD Analysis - January-12-2024
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The AUDUSD currency pair climbed to nearly $0.67, rebounding from recent lows. This happened even as new data indicated a slowdown in inflation growth. In November, Australia’s monthly CPI rose by 4.3%, less than October’s 4.9% increase and the smallest since January 2022.

The figure also fell short of the anticipated 4.4%, suggesting that the Reserve Bank of Australia might not hike interest rates further despite the robustness of the services sector. The central bank’s rate is 4.35%, and the market doesn’t foresee a hike. Expectations for a rate cut in May have also decreased to 36%. In other news, Australia’s trade surplus grew unexpectedly in November due to rising exports and falling imports.

AUDUSD Analysis - January-12-2024

AUDUSD Analysis 4-Hour Chart