Tensions with Iran send Aussie Dollar into reverse

The Australian Dollar reversed its trend as tensions between the US and Iran escalated. The US Navy blockade of Iran remains in place, despite reports that US President Trump instructed officials to stop talks with Iran.

In economic news, US data showed mixed results, with Housing Starts falling 12.4% MoM from 1.415 million in June to 1.239 million in July due to higher mortgage rates and elevated prices. Industrial Production also slowed from the expected 0.3% to 0.2% MoM.

In Australia, traders are eyeing the release of the Wage Price Index for the second quarter, with figures forecast at 0.8%, unchanged from the previous print.