AUD/USD Hits June 2022 High Near Mid-0.7200s Post-RBA Hike on Weak USD

AUD/USD rallied to a fresh high near mid-0.7200s since June 2022 after the RBA's May 5 cash rate hike to 4.35% in an 8-1 vote, extending gains from an initial surge to 0.7197 that later steadied around 0.7180 amid neutral guidance. The move was fueled by a weaker USD, falling crude prices, and improved risk sentiment, contrasting earlier consolidation. RBA flagged oil-driven inflation peaking near 5%, with staff forecasts at 3.8% trimmed-mean in Q2 2026 and Westpac eyeing 4% amid USD80/bbl risks; markets see 20% June hike odds and 4.60% by September.