The AUD/USD exchange rate rose to the highest level since August 31 as China continued reopening.
It rose to a high of 0.6945, the highest level since August 30th of last year. The pair has jumped by over 12% from its lowest point in 2022 as the US dollar index has plunged.The Australian dollar continued its recovery as China continued to reopen its borders. On Sunday, people started traveling between Hong Kong and Mainland China. The country also ended most of the parts of the Covid-zero strategy. Therefore, analysts expect that the Chinese economy will start recovering in 2023.
The AUD/USD pair also rose as the US dollar continued weakening. The US dollar index has plunged from last year’s high of $115 to $103. This sell-off started when data from the US showed that the country’s inflation had peaked. Investors believe that the Federal Reserve will start easing its interest rate hikes in the coming months. This explains why the US dollar index and bond yields have plunged while stocks have surged after the report.
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