Aussie Dollar Edges Higher on Upbeat Economic Data

The Australian dollar gained 0.2% to $0.7015 as upbeat economic news provided scope for further interest rate hikes if needed.

Australian Bureau of Statistics data showed household spending rose 0.8% in June, despite high petrol prices driving consumers to buy new electric vehicles.

This growth comes even as consumer sentiment is in the doldrums following three Reserve Bank of Australia rate rises this year.

Economist Harry McAuley said 'today's print shows consumers are still spending at a decent clip,' giving the RBA more ammunition for future rate hikes if necessary.