AUD/USD Dips Amid Rising US Treasury Yields and Oil Prices

The Australian Dollar (AUD) is trading slightly lower against the US Dollar (USD), hovering around 0.7164 during the European session on Tuesday.

US Treasury Yields have surged to a fresh 19-month high of 4.78%, while oil prices are rising due to renewed Middle East conflicts, pushing the US Dollar higher.

Australia's Q2 Gross Domestic Product (GDP) data is set for release on Wednesday, with analysts at ING expecting growth to slow to 1.8% YoY due to ongoing weakness in the housing sector and softer residential investment.

Despite this, ING leans towards the Reserve Bank of Australia remaining on hold after the surprise inflation reading in July.