The AUD/USD currency pair has surged to a fresh two-week high around 0.6560 during the European trading hours this Wednesday. The Australian Dollar (AUD) is strengthening significantly against the US Dollar (USD), which continues to underperform against its peers.

This upward movement comes on the heels of heightened market expectations regarding potential interest rate cuts by the Federal Reserve in the upcoming September meeting, creating a favorable environment for the Australian Dollar.