The Australian dollar surged on Wednesday as inflation data for July exceeded expectations.
Australia's Consumer Price Index (CPI) rose by 1.0% month-over-month and 3.5% year-over-year, surpassing the predicted 0.8% and 3.3% respectively.
This unexpected increase in inflation has led markets to believe that the Reserve Bank of Australia (RBA) may raise interest rates sooner rather than later.
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