AUD Soars Above 0.7200 as Fed Hike Odds Plummet

Australia's dollar rose above 0.7200 against the US dollar on Friday, September 4, thanks to Federal Reserve Governor Christopher Waller's dovish remarks.

The dovish stance lowered the probability of a September rate hike from 64% to 54%, putting downward pressure on the greenback.

The Australian dollar benefited significantly from the broad-based weakness in the US dollar, but Moody's warned that Australia's own economic weakness casts doubt on the sustainability of this rally.