Earlier this week, RBA Chair Michele Bullock stated that the central bank would swiftly raise interest rates if inflation data indicated an uptick. Currently, the Australian interest rate stands at 4.1% per annum.
The AUD/USD pair is riding an upward wave.
The Australian dollar continues its ascent against the US dollar. The current AUD/USD exchange rate is 0.6400.
For instance, the Q3 CPI dropped to 5.4% from the previous 6.0%. However, it outperformed the forecasted 5.3%.