AUD Soars Above 0.7100 Amid Soft US Data and Hawkish RBA

The Australian dollar (AUD) has broken above 0.7100 for the first time since early June, driven by softer US data and a hawkish bias from the Reserve Bank of Australia (RBA).

Last week, the AUD/USD finished higher at 0.7085 (+0.24%), its highest weekly close in 12 weeks.

The RBA kept rates on hold at 4.35% and maintained a hawkish bias in its statement and press conference, providing support for the Aussie.

Meanwhile, US economic data was softer than expected, including July's consumer price index (CPI) and producer price index (PPI) reports, which weighed on the greenback.