AUD/USD HITS TWO-WEEK HIGH AMID POWELL TESTIMONY

• AUD/USD surpasses key resistance levels, as Powell's testimony suggests peak interest rates.
• Soft US job data and Powell's cautious stance on rate cuts fuel optimism for AUD, highlighting a shift in Fed policy outlook.
• US ADP report and JOLTS data show job market resilience, adding a complex layer to economic evaluations.

The Australian Dollar soars against the US Dollar in the mid-North American session as Federal Reserve Chair Jerome Powell testifies at the US Senate and opens the door for rate cuts later in the year. That and “soft” jobs data underpins the AUD/USD above a key resistance level and trades at 0.6573, up more than 1%.