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Forex

AUD/USD Hits Highest Level Since June Amid Reviving USD Demand

Guavy AI Editorial Team
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The AUD/USD pair has reached its highest level since June 17, trading near 0.7050 amid reviving demand for the US Dollar (USD). Despite this, the spot prices have moved little following the release of China's Services PMI.

China's RatingDog Services PMI declined to 50.4 in July from 54.1 in the previous month, indicating a moderation in service sector activity.

The optimism over a potential US-Iran agreement has dragged crude oil prices to a nearly four-week low, easing inflation fears and prompting traders to scale back their expectations for further policy tightening by the US central bank.

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