AUD/USD: Interest Rate Decision Set to Drive Currency Value

The Australian Dollar has been trading in a narrow range, just below the psychological level of 0.7000, despite significant movements in the commodities market.

Crude oil prices plummeted by nearly 9% following the stand-down between Washington and Tehran, dragging down other energy-related assets like liquefied natural gas and coal.

Iron Ore, Australia's largest export, has been stuck below $100 a tonne since late June, but this did not have any impact on the AUD/USD exchange rate.

The Reserve Bank of Australia (RBA) is expected to make an interest rate decision on August 11, which will be crucial in determining the currency's value.