AUD Surges to Two-Month High as RBA Decision Looms

The Australian Dollar has reached two-month highs against the US Dollar, trading at 0.7088 on Monday.

This appreciation is largely due to the US Dollar's weakness, as hopes of Federal Reserve rate hikes have waned.

Investors are cautious ahead of the Reserve Bank of Australia's (RBA) monetary policy decision on Tuesday, which is widely expected to keep interest rates unchanged at 4.35%.

The RBA will focus on its policy statement and Governor Bullock's press release, which may provide insight into future rate hikes.