Forex
AUD/USD Surges to 11-Week High Amid US Treasury Buyback Plan
The Australian dollar has rallied for an eighth consecutive week, its best run since December 2020. The AUD/USD pair now sits near a record high at 72c.
The US Treasury's surprise buyback plan is seen as a major catalyst behind the currency's rise, keeping the US dollar under pressure.
Market attention shifts to the Jackson Hole symposium later this week, where Fed Chair Kevin Warsh will deliver a key speech. Traders are looking for clarity on how the Fed views persistent inflation and elevated oil prices.
If Warsh signals that the Fed is not itching to hike interest rates, it could weigh on yields and the US dollar, providing further support for AUD/USD.