AUD Slumps Amid Global Market Selloff and Escalating Middle East Tensions

The Australian dollar weakened against major currencies in the Asian session on Wednesday due to a risk-off mood across global markets.

This followed losses in Asian stock markets, particularly in South Korea and Japan, as semiconductor stocks plummeted. The sector's decline contributed to a broad selloff in technology shares.

Ongoing tensions between the US and Iran also kept crude oil prices high, raising concerns about global inflation. Bond yields surged to their highest levels in nearly two decades, further indicating investor anxiety.