Australian Dollar Rally Supported by Hawkish RBA, Soft U.S. Data
Dow Jones
Aug 17
0713 GMT - The Australian dollar got everything it needed last week to sustain its low-key uptrend into a seventh week, says Richard Franulovich, head of FX strategy at Westpac. The rally above 71 US cents is being sustained by hawkish guidance from the Reserve Bank of Australia, softer U.S. July inflation data damping Fed hike expectations, and swirling questions about whether long-term U.S. Treasurys are still a solid investment, he says. The Australian dollar has begun the week solidly and the price action carries a more spirited feel, Franulovich adds.
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