The AUD/USD price jumped to a key resistance level as the US dollar sold off following the strong American inflation data.
The pair is trading at 0.7275, which was the highest level since December 31st. It has risen by over 2% above the lowest level this year.The AUD/USD pair rose primarily because of the overall weakness of the US dollar. The greenback declined against most currencies like the euro, sterling, and the New Zealand dollar. The US Dollar Index, which tracks the US dollar against a basket of currencies declined by more than 0.60% in the overnight session.
The core consumer inflation data jumped from 4.9% to 5.5% in December. Also, this increase was better than the median estimate of 5.4%. This figure excludes volatile food and energy products.
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