Australian Dollar Under Pressure as US-Iran Tensions Escalate

The Australian dollar is under pressure on the daily chart as it hovers around the 0.7080 level.

The currency has been impacted by rising uncertainty in the Middle East due to ongoing U.S.-Iran tensions, which has put upward pressure on energy prices.

This, combined with renewed market concerns that major central banks may need to tighten monetary policy further, has bolstered safe-haven demand for the U.S. dollar and weighed on the AUD/USD pair.

The release of Australia's second-quarter wage price index and the minutes from the Federal Reserve meeting will be closely watched by investors this week.