The Australian Dollar has strengthened to near 6 months highs overnight, where it reached above 0.7700 US. cents behind the momentum gained from the impending interest rate hike by the Reserve Bank of Australia. It reached a peak of 0.7750 and is the highest since May earlier this year. Falling US. consumer confidence and business activity pushed the US. Dollar lower and is leading the assumption that the US. Federal Reserve will decrease interest rates rather than to keep them at a steady level.
The Australian Dollar is looking more lucrative as increasingly higher yields continue to assist the currency, where housing data is expecting 2 percent increase. The Australian Dollar is also awaiting the release of Thursday’s release of data, which could move the Dollar in any way.
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