AUD/USD Surges on RBA's Inflation Warnings

The Australian Dollar (AUD) rose against its peers on Friday, trading 0.18% higher at around 0.7122 against the US Dollar (USD) during the European trading session.

RBA Governor Michele Bullock warned of upside inflation risks, saying that recent developments suggest 'some upside risks to inflation appear to be materializing' due to Middle East risks.

Separately, RBA Deputy Governor Andrew Hauser indicated that the RBA could hike interest rates further to tame inflation, stating that 'the key question is whether monetary tightening to date will be enough to return inflation to target in reasonable time.'