Aussie Holds Firm Near Ten-Week High Amid Weaker Greenback

The Australian dollar has been holding its ground near a ten-week high at around $0.71, benefiting from a weaker US dollar and improving domestic economic sentiment.

Soft US economic data and concerns about future Federal Reserve rate hikes have contributed to the greenback's decline, reducing the dollar's yield advantage.

Australian consumer confidence has also been on the rise, reaching a nine-month high in August as the economy shows resilience. The Reserve Bank of Australia has kept its interest rate at 4.35%, following three previous hikes this year.