AUD Soars to 12-Week High as Inflation and Spending Data Fuel Rate Hike Bets

The Australian dollar is holding near its 12-week highs after a strong inflation report and household spending data fueled bets of an imminent rate hike.

The Aussie rose by 0.2% to $0.7184, having touched a 12-week top of $0.7189 overnight before paring gains.

RBA pricing is now hawkish following the release of uncomfortably hot inflation data for July, pushing the dollar higher against major crosses like the euro and British pound.