AUD/USD Soars on US Dollar Weakness Amid Fed and Yen Intervention

The Australian dollar posted its highest weekly close in seven weeks after the US dollar dipped on Federal Reserve and yen intervention.

AUD/USD finished at 0.7030 (+0.67%), with gains largely driven by two notable offshore developments that offset a cooler-than-expected domestic inflation report for June.

The Fed's decision to hold the funds rate steady at 3.50% - 3.75%, combined with Japanese authorities' intervention to support the yen, weighed on the US dollar and supported the Aussie.