The Australian dollar is trading at its highest level in years, inching closer to US72¢, as the market becomes ever more convinced that the Reserve Bank of Australia will be forced to raise interest rates at least twice more in the months ahead.
While the Aussie hit US71.89¢ before noon on Thursday, a level last seen in mid-2022, the rally is even more spectacular against the yen and New Zealand dollar. It hit 113.58 yen, the highest since 1990, and is trading at a decade-high against the kiwi at $NZ1.2085.
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