Australian Dollar Falls Amid Ongoing Geopolitical Tensions

The Australian dollar fell against other major currencies in the Asian session on Wednesday, as markets traded lower due to ongoing geopolitical tensions in the Middle East.

Ongoing tensions between the US and Iran have led to higher crude oil prices, raising global inflation concerns. Bond yields also spiked to their highest levels in nearly two decades.

The Strait of Hormuz has seen a drastic fall in shipping traffic due to the standoff between the US and Iran, rekindling crude oil supply concerns. U.S. President Donald Trump stated that there are no current or scheduled peace talks between the two countries.