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AUD/USD holds near 0.7000 as safe-haven dollar weighs
The move comes as US yields stay near multi-year highs on inflation risks from higher oil prices and growing odds of an October Fed rate hike.
FXStreet reports that AUD/USD was defending the 0.7000 level at the start of a new week, trading near its lowest level since August 4 amid a bullish US dollar.
The outlet said US yields are holding near multi-year highs, driven by inflation risks from higher oil prices and rising bets on an October Fed rate hike.
FXStreet also linked the pressure on the Australian dollar to the US-Iran standoff, which is supporting demand for safe-haven currencies and weighing on AUD/USD ahead of Tuesday’s RBA policy announcements.