AUD/USD: AUD challenges 2023 highs - Australia still has room for further rate cuts as inflation slo
AUD/USD: The Australian dollar tries to escape Australia
The Australian dollar hit its highest level since December 2023 against the US dollar, briefly breaking through 0.6800 after the release of the monthly inflation report.
Although the year-on-year growth in consumer prices slowed to 3.5% in July from 3.8% in the previous month, the indicator was still higher than the expected 3.4%, further reducing the possibility of a quick reversal of monetary policy. The main drivers include housing costs, food and non-alcoholic beverages, and tobacco and alcohol.
Australia has also taken measures to limit the number of international students in response to rising house prices. In addition, the restoration of electricity bill rebates in July makes inflation look somewhat resilient.
This is good news for the Australian dollar. Since the sell-off in early August, the Australian dollar has rebounded sharply, driven by the hawkish tone of the Reserve Bank of Australia, rising inflation and a rebound in global risk appetite.
AUD/USD is testing the upper limit of its 18-month trading range at 0.6800. This move could be an important indicator of a recovery in risk appetite and the resumption of the AUD-sensitive carry trade, and it could also signal a global shift in the US dollar trading regime.
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