AUD/USD Surges as Investors Wait for RBA Decision

The AUD/USD pair rose modestly after the Federal Reserve delivered its interest rate decision, which saw officials hike rates by 0.25%. This move was in response to rising inflation, with the Consumer Price Index (CPI) reaching a high of 3.4% in August.

Economists expect the Reserve Bank of Australia (RBA) to follow suit and hike interest rates by 25 basis points in its next meeting, making it one of the most hawkish central banks this year.

The upcoming Australian jobs data on Thursday is also a key focus area for investors, with economists expecting the economy created 29k jobs last month after shedding 15k jobs a month earlier.