Aussie Soars to Three-Month High, Extends Nine-Week Rally

The Australian dollar has broken through the psychologically important 72 US cent level and reached a three-month high, extending its rally to nine consecutive weeks.

This marks the currency's longest weekly winning streak in sixteen years, with traders repricing their outlook for Reserve Bank of Australia policy following an unexpectedly strong inflation report.

The Aussie gained 0.2% to $0.7204 on Friday, and technical analysts now see the May high of $0.7277 as its next target, a level that would mark the currency's strongest showing since mid-2022.