FXstreet.com (Jakarta) - The AUD/USD rose to its highest level since August 5, 2008 as Reserve Bank of Australia Assistant Governor Philip Lowe said it is appropriate to remove stimulus as Australia's economy improves. The comment fueled speculation the RBA will raise interest rates again at its next meeting.
The Australian dollar is also supported by China's strong economic growth. The AUD/USD is strongly correlated with the stock and commodity markets. Although overbought, the pair remains in a strong uptrend, said Hans Nilsson, analyst at CMS Forex.