The AUD/USD crossed over 0.7600 for the first time since June last year.
The pair is presently trading at its highest level since June last year, having gained roughly 100 pips on the day to 0.7635.
The technical momentum is entirely with buyers at the present, after the RBA’s excellent foundation for breaking above the October highs above 0.7555 earlier today. At least on the charts, there is little evidence of a further push towards 0.7800.
As things stand, the market is accelerating its rate of rising predictions, with the majority of houses now forecasting a June hike after previously penciling in an August move.
The odds of a shift at the May meeting have also increased, which is supporting the Australian dollar at the moment.
I previously discussed how the market may have underestimated the RBA’s capacity for a rhetorical change, which we definitely received today, although a modest one. This has helped the AUD/JPY rally, which is now looking for its eleventh straight week of gains: