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Australian dollar holds steady at 0.7165 as oil jumps on Middle East risk
AUD/USD ended flat at 0.7165 as higher oil prices lifted US Treasury yields, while traders looked ahead to a busy US data calendar and Australia PMI, CPI, and GDP releases.
FXStreet reports the Australian dollar traded sideways on Monday, with AUD/USD ending the session unchanged at 0.7165.
The move came as a spike in oil prices tied to the Middle East conflict pushed US Treasury yields higher, which supported the Greenback but did not lift the Aussie, according to the report. FXStreet also linked the oil reaction to US and Iranian strikes, noting the expectation of limited resolution risk in the near term.
The outlet said market participants were cautious ahead of a busy US economic calendar, with Monday’s only cited release being the Dallas Fed manufacturing survey for August, which came in above estimates.
FXStreet added that the focus shifts to Australia’s S&P Global Manufacturing PMI for August and other local data including building permits and GDP on September 2, while referencing August’s trimmed mean CPI at 3.6% year over year as a potential driver for Reserve Bank of Australia rate-hike odds. The report described AUD/USD price levels and technical support and resistance, including spot trading around 0.7166 and resistance near 0.7198.