AUD Tumbles as Oil Prices Soar and Fed Hike Expectations Rise
The Australian dollar came under heavy pressure on Thursday as surging crude oil prices and rising Treasury yields boosted expectations of a September Federal Reserve interest rate hike.
Crude oil prices rose 6.5% on Thursday, with WTI trading around $103 and Brent now above $107, further fueling the US dollar's surge.
The AUD/USD pair fell more than 0.8%, marking its worst day in 56 sessions, while the US dollar index enjoyed its best day in nine weeks, forming a bullish pinbar on the daily chart.