AUD Hits Three-Month High as Q2 GDP Lifts Rate Hike Bets

The Australian dollar has reached its highest level in over three months, rising to around 0.7217 versus the US dollar on Monday.

This increase follows stronger-than-expected Australian growth data, with Q2 GDP coming in at 0.4% quarter-on-quarter and 2.1% year-on-year.

Markets are now looking ahead to comments from RBA deputy governor Andrew Hauser, who may provide further insight into the Reserve Bank of Australia's interest rate decisions.

The US dollar, meanwhile, struggled for traction despite a stronger-than-forecast August nonfarm payrolls report lifting expectations of further tightening by the Federal Reserve.