FX.co ★ Australian Dollar Hits Over 2-Week High

The Australian dollar surpassed $0.655, marking its highest level in over two weeks and continuing its upward trajectory from the previous week. This surge was fueled by strong economic data, which has raised expectations of potential interest rate increases by the Reserve Bank of Australia. Notably, the manufacturing PMI reached a three-month high in November, and the ANZ-Indeed Job Ads showed a more gradual decline, indicating a slight decrease in hiring demand. Additionally, last week's comprehensive monthly price data highlighted ongoing price pressures, with the headline inflation rate climbing to a seven-month peak, and the trimmed mean inflation, the RBA’s chosen metric for assessing underlying price pressures, surpassing projections. Market focus now shifts to this week’s third-quarter GDP report, with predictions indicating that robust economic growth could heighten speculation regarding a possible rate hike in early 2026.