Ella 
On Tuesday, the AUD/USD pared some losses and closed slightly higher by 0.05%. AUD/USD was trading at 0.6542 after the Asian session opened, down 0.02% as investors braced for key data.
AUD/USD edged higher as investors looked to key Australian and US economic indicators.
Price action on Wall Street was lackluster as investors prepared for a slew of U.S. data releases. U.S. economic data released on Tuesday showed that durable goods orders contracted at a monthly rate of -6.1% in January, exceeding the expected -4.5% and the previous -0.3%. Separately, U.S. housing data showed home prices rose at an annual rate of 6.1% in December, above expectations and November’s data.
Data showed on Wednesday that the Australian Bureau of Statistics (ABS) will publish inflation data for January. The consumer price index is expected to increase at an annualized rate of 3.6%. If the Reserve Bank of New Zealand takes a hawkish stance, New Zealand’s monetary policy decision may support the Australian dollar (AUD).
In the United States, the U.S. Bureau of Economic Analysis (BEA) will publish its secondary estimate of gross domestic product (GDP) for the fourth quarter of 2023. Market expectations were for a quarterly GDP rate of 3.3%. AUD/USD traders will also take direction from speeches by three Fed officials.
