Australian dollar strength, limited forex trading in AsiaDeltafx Admin 25 January 2023
The dollar climbed to a five-month high after Australia released unexpectedly high consumer inflation data for the fourth quarter. Meanwhile, foreign exchange trading in Asian markets was very limited and less volatile as fears of a global recession neutralized optimism about the potential economic recovery in China.
In today’s trading, the Australian dollar rose nearly 1% against the U.S. dollar, reaching 0.7115, its highest level in five months. Australian consumer price inflation rose more than expected in the December quarter, according to data, which could point to further rate hikes by the central bank.