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AUD/USD holds near 0.7000 as US dollar stays bid
FXStreet cited support from a bullish US dollar and US yields holding near multi year highs as inflation risks from higher oil prices and expectations for an October Fed rate hike persist.
AUD/USD was holding near 0.7000 at the start of a new week, staying close to its lowest level since August 4, with the pair driven by a bullish US dollar, according to FXStreet.
FXStreet also linked the broader support for the US currency to US yields holding near multi year highs, citing inflation concerns tied to higher oil prices and rising bets for an October Fed rate hike.
In addition, FXStreet said the US Iran standoff continued to underpin the move, alongside the global geopolitical risk backdrop described by Rabobank’s RaboResearch Global Economics & Markets Global Daily.