The Australian dollar rallied today thanks to the positive general market sentiment and domestic macroeconomic data.
Yesterday’s dovish comments from Federal Reserve Chair Janet Yellen led to a rally of global stocks and the risk-on mode on a currency market. In particular, carry traders became more active, buying currencies of emerging markets and currencies linked to commodities.
Meanwhile, the Melbourne Institute Consumer Inflationary Expectations for Australia rose from 3.6% in June to 4.4% in July.
AUD/USD gained from 0.7675 to 0.7723 as of 13:48 GMT today, and its daily high of 0.7739 was the highest since March 21. AUD/JPY jumped from 86.85 to 87.52, trading near the highest since February 16.
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