AUD/USD Stuck as Iron Ore Prices Dive Amid Global Market Turmoil

The AUD/USD pair remains stuck in a range as iron ore prices plummet. The US Treasury Secretary, Bessent, expressed confidence that the Federal Reserve will effectively manage the balance between growth and inflation, citing housing as evidence of slowing core inflation.

Meanwhile, the USD/JPY is attempting to stabilize after its sharpest four-day loss in nearly two years. Japan's intervention, backed by the US Treasury and supported by a new Fed repo facility, has increased the credibility of future yen-buying operations, leaving traders on high alert for opportunities to fade rallies.

Qatar also weighed in on the situation, stating that 'language' has been drafted on a possible US-Iran deal. Efforts are ongoing for a resolution, with Qatar focusing on short-term goals and emphasizing that a resolution would help to revive US-Iran talks.