AUD Plummets to Seven-Week Lows Amid US Dollar Surge

The Australian Dollar (AUD) has experienced significant weakness in recent days, causing AUD/USD to drop below the key 0.7100 level and reach fresh seven-week lows.

This decline can be attributed to the strong resurgence of demand for the US Dollar (USD), which was reinforced by hawkish views from the Fed's Barr and solid advanced prints from US business activity for the current month.

The lack of progress towards a diplomatic solution to the US-Iran-Hormuz crisis has also contributed to the rise in USD value, with President Trump's recent comments at the UN General Assembly adding fuel to the fire.