The Australian dollar is continuing to move higher

Photo by David Rogers/Getty Images

Building upon strong overnight gains, the Australian dollar has continued to push higher in Asian trade on Wednesday, rising to a session high of .7183 in recent trades on the back of renewed US dollar weakness stemming from the Bank of Japan’s decision to leave monetary policy unchanged at its October meeting.

On Tuesday the Aussie enjoyed its largest one-day percentage increase in nearly a month, propelled higher by broad-based US dollar weakness, improved investor risk sentiment and the diminishing likelihood of further interest rate cuts from the RBA in the months ahead.

The AUD/USD now looks set to test the 72 cent level, a figure that it has found resistance at in recent months.

AUD/USD 5 minute chart

Market attention will now turn to RBA assistant governor Guy Debelle who is scheduled to speak in Sydney at 6.05pm AEDT.

The full Australian dollar scoreboard is found below.

  • AUD/USD 0.7183 , 0.002 , 0.28%
  • AUD/JPY 86.12 , 0.00 , 0.00%
  • AUD/CNY 4.5654 , 0.0127 , 0.28%
  • AUD/EUR 0.6370 , 0.0017 , 0.27%
  • AUD/GBP 0.4709 , 0.0006 , 0.13%
  • AUD/NZD 1.0898 , -0.004 , -0.37%

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