After a surge in the Australian dollar above US71¢, currency strategists are warning the rally is going to fizzle because the Reserve Bank is done with raising interest rates and weak demand for commodities from China.
The local currency has jumped more than 6 per cent against the US dollar since the start of the year, making it the second-best performer against the greenback behind the Norwegian krone. On Tuesday, it traded at US71.10¢ after earlier climbing to its highest in 10 weeks at US71.29¢.
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