The AUD/USD pair has attained its highest level since August 1 of this year.
The Australian dollar, in tandem with the US dollar, maintains its upward trajectory. The current exchange rate for AUD/USD is positioned at 0.6650.
A deceleration in inflation in Australia aligns with the narrative of the Reserve Bank of Australia potentially abstaining from additional interest rate hikes. Market anticipations for a rate increase have diminished from 70% to 50%.
Recent statistics reveal a decline in the country’s consumer price index to an annual rate of 4.9%, down from the previous figure of 5.6%. Forecasts had predicted a contraction to 5.2%. Despite the inflationary concerns, the RBA, earlier this month, increased the interest rate to 4.35% per annum, marking a 12-year high.
In addition to the inflation dynamics, the AUD gains momentum from the considerable depreciation of the US dollar.
The post AUD Surges Further: Overview for November 29, 2023 appeared first at R Blog – RoboForex.