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AUD Tumbles as Oil Prices Soar and Fed Hike Expectations Rise

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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.

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