AUD Surges on Higher Rate Hike Odds and Strong Economic Growth

The Australian Dollar (AUD) has strengthened for the third consecutive day, reaching around 0.7210 during Asian hours on Friday.

This upward momentum is attributed to robust economic growth data, which has increased expectations of an imminent interest rate hike by the Reserve Bank of Australia (RBA).

Market probabilities for a rate hike this month rose to 58% from 49% before the GDP release, with a rate adjustment to 4.60% now fully priced in for November.