Trader: With expectations of the US dollar weakening, Australian exporters are buying Australian dollar spot.

An Asian foreign exchange trader said that after the US Supreme Court made its ruling, the US dollar weakened across the board. Australian exporters bought Australian dollar spot contracts, leading to a reduction in their holdings of US dollars and engaging in hedging operations. The Australian dollar rose 0.2% against the US dollar to 0.7095, hitting a high of 0.7112 during the day, marking the third consecutive day of gains. Sell orders for options with a strike price at 0.71, with a size of 1.81 billion Australian dollars and expiring on February 25, were absorbed. New buy orders entered the market at a price of 0.7080. Expectations of a stronger Chinese yuan also fueled leveraged buying demand. Some information was provided by a forex trader familiar with the relevant transactions, but as they were not authorized to speak publicly, the source requested anonymity.