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Forex

AUD Consolidates Near 0.7050 Amid Reviving USD Demand

Guavy AI Editorial Team
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USD AUD
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The Australian Dollar (AUD) is consolidating near its highest level since June 17 at around 0.7050 against the US Dollar (USD), driven by reviving demand for the safe-haven USD.

Mixed signals over the US-Iran peace deal have revived demand for the USD, capping the AUD/USD pair. The mixed signals stem from Iran's rejection of US claims that the Strait of Hormuz will open under a new deal, which keeps geopolitical risk premium in play and acts as a headwind for the AUD/USD pair.

The latest optimism over a potential US-Iran agreement has dragged crude oil prices to a nearly four-week low, easing inflation fears. This has prompted traders to scale back their expectations for further policy tightening by the US Federal Reserve (Fed), which should keep a lid on any meaningful USD appreciation.

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