Oil Rally Dampens Risk Appetite, Aussie and Kiwi Dollars Decline

The Australian dollar (AUD) and New Zealand dollar (NZD) declined on Monday due to rising oil prices, which have increased expectations of further global policy tightening and dampened risk appetite.

The AUD fell by 0.3% to $0.7148 after losing 0.4% the previous week, retreating from its four-month high of $0.7238.

Joseph Capurso, head of international economics at the Commonwealth Bank of Australia, stated that he expects 'AUD/USD will continue to fall this week in our view, possibly testing weak support at 0.7076.'