AUD Retreats From Seven-Week High Amid Profit-Taking

The Australian dollar retreated from its seven-week high against the US dollar on Thursday, as profit-taking emerged among investors. The AUD/USD pair fell 0.2% to 0.7045, pulling back from a high of 0.7060.

The move came after two consecutive daily advances for the Australian dollar, which had reached its highest level in seven weeks on Wednesday at US70.65 cents. This gain was supported by hopes that the United States and Iran could reach a peace agreement to end the conflict in the Middle East.

The Reserve Bank of Australia is set to meet next week to review monetary policy, with markets expecting policymakers to leave interest rates unchanged due to easing inflationary pressures and lower oil prices. The Australian dollar's near-term outlook remains under modest pressure against the US dollar as profit-taking continues.