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AUD/USD holds steady near 0.6970 as consumer sentiment softens

AUD/USD stayed near 0.6970 during Asian hours after the Westpac–Melbourne Institute Consumer Sentiment Index fell 4.7% month over month in October.

Reported · Written up by our desk · Major Pairs

The Australian dollar held steady against the US dollar, with AUD/USD trading around 0.6970 during Asian hours on Tuesday, FXStreet reported.

FXStreet said the pair hovered in a tight range as the AUD found support despite softer local sentiment, citing the Westpac–Melbourne Institute Consumer Sentiment Index, which dropped 4.7% month over month in October and marked the second straight monthly decline.

The outlet also pointed to conditions in oil and inflation as a factor for the broader US dollar tone, saying a retreat in oil prices helped ease anxiety about rising inflation and the odds of tighter monetary policy.

FXStreet added that pressure tied to US President Donald Trump followed by a G7 agreement to tap emergency reserves and release 100 million barrels of crude and diesel, while pledging not to restrict energy exports, contributed to the move in energy prices.

Latest closeWTI crude $89.70 ▼1.6%

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