AUD Holds Firm Near Multi Week Highs Amid Strong Household Spending

The Australian dollar has remained firm near multi-week highs at around $0.70, driven by stronger-than-expected household spending data.

Household spending rose 0.8% in June, exceeding forecasts of 0.2%, and marked a further increase in discretionary spending.

This reinforced the Reserve Bank's view that consumer activity remains strong despite weak sentiment, although softer inflation and a cooling housing market have raised expectations that the central bank will leave its 4.35% cash rate unchanged next week.