Aussie Surges After Reserve Bank of Australia Hikes Rates by 25 Basis Points

The Australian Dollar briefly touched a three-day high against its New Zealand counterpart after the Reserve Bank of Australia (RBA) raised interest rates by 25 basis points to 4.60%, its highest level since 2011.

Although the AUD/NZD cross reversed an early morning dip, spot prices currently trade just above 1.2400, up around 0.15% for the day.

The RBA's decision was widely anticipated, but it still offers support to the Aussie Dollar and its cross against the NZD.

RBA Governor Michele Bullock's comments at a post-meeting press conference will likely influence the AUD and provide more impetus to the AUD/NZD cross.