AUD Hits Three-Month High as Rate Hike Odds Rise

The Australian dollar has extended its winning streak to nine weeks, reaching a new three-month peak of $0.7204 on Friday.

This marks the longest winning streak since 2010 and comes as inflation data suggests a possible imminent rise in interest rates by the Reserve Bank of Australia (RBA).

The Aussie has outperformed its major peers, gaining 0.7% against the kiwi, up 0.8% against the Japanese yen, and rising 0.7% on the euro.

Ray Attrill, head of FX strategy at the National Australia Bank, noted that 'near-term AUD upside risks have increased' but still sees the Aussie trading in the $0.6850 and $0.7278 range for the year.