Aussie Reaches Six-Week Highs as US Stocks Recover

The Australian dollar has returned to its recent highs as US stock markets have recovered from their July slump. The tech-focused Nasdaq index jumped 4.8% in the first two trading days of this week, leading to a boost for risk-sensitive currencies like the Aussie.

Tech stocks around the world underperformed in July, with the Nasdaq down over 10% from recent highs, but this week's recovery has helped turn things around.

The AUD/USD exchange rate gained 0.7% overnight and recorded its highest close since June 17th.