The Australian dollar surged in the Asian market on Wednesday to its highest level in seven months against the US dollar, extending its gains for the second consecutive day, following inflation data released recently in Sydney. The data shows that the Reserve Bank of Australia is still facing persistent inflationary pressures.
These data reduced the likelihood of the Australian central bank easing monetary policy and cutting interest rates this year, which supports buying the Australian dollar as one of the best investment opportunities available in the foreign exchange market
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