AUD/USD Price Forecast: Approaches four-year high near 0.7280
The Australian Dollar (AUD) is higher against its major currency peers, except the Japanese Yen (JPY), on Wednesday, trading 0.16% up at around 0.7230 against the US Dollar (USD) during the European session.
The Australian Dollar (AUD) is currently trading near its four-year high, hovering around 0.7280 against the US Dollar (USD). This upward trend is attributed to remarks from the Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser, who emphasized the importance of bringing inflation under control. Hauser's hawkish statements have increased expectations of central bank interest rate hikes.
This hawkish tone from the RBA is aligned with the US Treasury's preference for a more restrictive stance, which is also benefiting the US Dollar. Meanwhile, investors are eagerly awaiting the release of the US Consumer Price Index (CPI) data on Friday, which could further impact the AUD/USD exchange rate. AUD/USD is currently trading at 0.7229, and technical analysis suggests the pair may continue its advance towards the four-year high near 0.7277.
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