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Australian dollar to surge on data-centre boom, higher rates
The Australian dollar is set to rebound above US73¢ by the end of the year, driven by the huge demand for copper for the build-out of data centres and the prospect of further interest rates rises that would push the cash rate to the highest level since 2008.
The local currency climbed to US69.73¢ on Monday, rebounding from last week’s sell-off to below US69¢ after softer employment data bolstered the case for the Reserve Bank of Australia to hold fire on rates next month.
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