According to CoinMeta, after the release of Australia's third-quarter inflation data, market expectations for an interest rate hike by the Reserve Bank of Australia (RBA) shifted towards a more hawkish stance. The likelihood of a rate hike to 4.85% next week is now 85%, up from 69% before the inflation data was released. Following the data, the Australian dollar soared to a five-week high of 0.7055 against the US dollar, representing a 1.6-cent increase from its 15-week low on October 15. The Australian dollar also saw a significant rise of 2% against the New Zealand dollar, reaching 1.26 and setting a 13-year high. Within five weeks, the net short position in the Australian dollar increased from 38,906 contracts to 127,292 contracts, a more than tripling in size.