Forex
AUD/USD Surges Past 11-Week High as US Dollar Continues Downward Spiral
The AUD/USD pair has continued its strong rally, reaching its highest level since June 3rd this year. The pair jumped to a high of 0.7170, up sharply from the June low of 0.6870.
This rally coincided with the broader US dollar sell-off that happened as the public debt soared to a record high of $40 trillion. The DXY Index fell to 98.56, its lowest level on May 11 this year, and 3.18% below the year-to-date high of 101.80.
The Australian dollar's rally has been impressive, with it now sitting within striking distance of 72c at an 11-week high.