Important Forex Updates for Jan 31st, 2023

 Australian Dollar weakening:

The AUD/USD pair is under pressure today, declining steadily from its recent high and dropping below the mid-0.7000s level during early European trading sessions. This decline is likely attributable to a number of factors, including weak economic data released recently by both Canada and Australia.

The Australian Dollar is facing external pressure due to disappointing domestic macro data and a modest US dollar strength. Combined, these factors are causing some investors to flee the currency in search of safety. Meanwhile, the cautious mood is also leading some people towards gold and weakening the risk-sensitive Aussie.

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