AUD/USD Consolidates Around 0.7200 Amid Rate Hike Bets and US Tensions

The AUD/USD pair has maintained its steady position around the 0.7200 mark at the start of this week, remaining close to its highest level since mid-May.

This stability is largely attributed to the Australian Dollar's (AUD) continued strength, bolstered by rising bets for a rate hike by the Reserve Bank of Australia (RBA) in September, driven by stronger-than-expected economic growth and persistent domestic inflation.

The US Dollar (USD), on the other hand, has struggled to capitalize on its recent gains, particularly following the upbeat US Nonfarm Payrolls (NFP) numbers, as traders prefer to wait for the release of the US inflation figures later this week.