Forex
AUD Surges on Weaker US Dollar Amid Soft Data
The Australian Dollar (AUD) is climbing as the US Greenback falls due to soft US data. The latest Retail Sales figures showed lower-than-expected growth, which has put pressure on speculation of a Fed rate hike.
This has led to a weaker US Dollar, causing the AUD/USD pair to rise by 0.32% and trade near two-month highs of 0.7129.
The price increase is also attributed to rising crude oil prices following news that US President Donald Trump said he's not in a rush to end the US-Iran war, reigniting inflationary fears in the US.