Weekly Roundup: Australian dollar strikes multi-month highs amid risk-on rally
Roxane Cody December 4th 2023 - < 1 minute read
An upbeat market mood and stronger commodities prices helped the risk-sensitive Australian dollar climb at the beginning of last week’s session.
The ‘Aussie’ then fell midweek following a larger-than-forecast cooldown in Australian inflation in October, as this dented Reserve Bank of Australia (RBA) interest rate hike bets.
However, with the sentiment remaining broadly upbeat and commodities continuing to climb, AUD ultimately trended higher overall, striking multi-month highs against some peers.
This week, the RBA’s rate decision is in the spotlight. If the bank hints that rate hikes may be over, the ‘Aussie’ could slump.
Australia’s latest GDP results are then due out the following day. Could another expected 0.4% expansion in the country’s economy lift AUD?