Recently, the movement of the AUD/USD exchange rate has attracted a lot of attention. The exchange rate has quietly risen to 0.6687, reaching a new high since October last year. But more interestingly, the market's focus has gradually shifted from "when will the central bank cut interest rates" to another question—whether inflationary pressures will force policymakers to reconsider tightening policies.

A few days ago, the Reserve Bank of Australia released its latest meeting minutes, which served as a strong boost for the AUD. The wording was very clear: the central bank's current stance is indeed leaning towards tightening, and they have shifted the focus from "when to start cutting rates" to "whether the rate hike cycle has truly ended." The market responded quickly, and the AUD rose accordingly.

The main driver behind this rally is the hawkish signals released by the RBA. According to relevant data analysis, in the December meeting minutes, policymakers expressed concerns about recent inflation data. They believe there is still an "excess demand" problem in the economy, and even questioned whether current financial conditions are truly tight enough to balance supply and demand. This actually reflects a subtle shift in the central bank's policy tone.

Interestingly, while traditional financial systems adjust macro policies through central bank interest rate changes, the crypto space has been building its own system. Decentralized finance (DeFi) is working hard to establish an independent, transparent, and stable value network, such as projects attempting to provide decentralized alternatives to the US dollar. Although these two systems operate on different logic, they are both responding to the same market challenge—how to maintain stability amid inflation pressures and policy adjustments. For investors, diversified asset allocation may be more important than ever before.