Aussie Soars to Eleven-Week High as US Dollar Weakness Continues

The Australian dollar has surged to an eleven-week high, breaking above $0.71 as it heads for its fourth consecutive weekly gain.

This uptrend is largely driven by the weakness of the US dollar, which remains under pressure due to concerns over the country's fiscal deficit and heavy debt burden.

The greenback has been weighed down by investors questioning whether the Treasury's decision to double purchases of longer-dated debt will provide lasting relief.

Meanwhile, Australian labor market data showed employment fell in June and unemployment rose to a near five-year high of 4.5%, but this was not enough to deter expectations of further Reserve Bank of Australia (RBA) tightening.