Australian Dollar futures test two-week highs on hawkish RBA data.

Australian Dollar futures are trading higher for a second consecutive session, reaching two-week highs and pricing near 0.6951. The advance, up over half a percent, is driven by broad U.S. dollar weakness and stronger-than-anticipated Australian inflation gauge data. These elevated inflation readings are fueling speculation of a more hawkish Reserve Bank of Australia (RBA), with the potential for rate hikes into the summer. This relative strength contrasts with the broader FX futures markets, where Euro, British Pound, Swiss Franc, and Canadian Dollar futures are also seeing higher price action, while the Japanese Yen remains flat. Despite the recent upside momentum, the Australian Dollar is still recovering from a two-month low hit just last week.