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7 Jun 2022

Dollar Earns on Soaring Yields; RBA raised 50BP Making AUD/USD to Climb

The Index Today

Recent data shows that the U.S. dollar climbed on Tuesday after a rate hike by Australia’s central bank prompted further inflation concerns, that caused the U.S. bond yields to soar. While the Reserve Bank of Australia raised its key rate by 50 basis points earlier Tuesday to cool inflation.

At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 102.623. AUD/USD climbed as high as 0.7243, before handing back most of the gains to stand 0.1% higher at 0.7199.

USD/JPY growing 0.6% to 132.69, recording to a fresh two-decade high while EUR/USD fell 0.1% to 1.0688 after German factory orders also fell 2.7% for the month in April.

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