Australian dollar tops 70 US cents, hits three-year high

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The Australian dollar climbed sharply overnight, reaching its strongest level against the US dollar since February 2023. It was trading around US70.11 cents, up about 1.4%.

The move comes as the US dollar weakens broadly. Analysts say global uncertainty and the slide in the greenback are helping lift the Aussie.

The rise also comes just before Australia’s latest inflation data, due at 11:30am. A stronger-than-expected result could add pressure on the Reserve Bank to consider another rate hike at next week’s meeting.

In the US, the dollar posted its biggest daily drop since April after President Donald Trump played down concerns about its decline, saying he was comfortable with the currency’s performance. The US dollar index ended the session at a four-year low.

Markets are now watching inflation figures and central bank signals for the next move in currency and rate expectations.

More updates to come on AusNewsLanka.