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AUD/USD Consolidates Near 0.7000 Ahead of FOMC Meeting

Guavy AI Editorial Team
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USD AUD
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The AUD/USD pair oscillated in a narrow band around the psychological mark of 0.7000 on Monday, struggling to capitalize on a modest bullish gap opening.

Renewed optimism over a potential diplomatic resolution to end the US-Iran conflict and a slump in crude oil prices weakened the US Dollar, tempering expectations for an interest rate hike by the Federal Reserve.

The Reserve Bank of Australia's (RBA) expectations of another interest rate hike lent additional support to the AUD/USD pair, but traders seemed hesitant to place aggressive directional bets ahead of the crucial FOMC monetary policy meeting this week.

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