AUD Surges Past 0.7150 as USD Weakens Amid Bond Buybacks

The Australian Dollar (AUD) surged against the US Dollar (USD) on Friday, hitting session highs above 0.7150 for the first time since early June and drawing closer to a three-month top in the 0.7200 area.

Australia's business activity figures showed steady growth in July, with manufacturing sector growth remaining at 52.0 and services activity slowing down to 52.9 from 53.6 in June.

The US Dollar, on the other hand, continues to weaken due to the US Treasury's plan to double bond buybacks from September on, which is seen as a measure to boost repurchases of long-term securities.