AUD/USD Holds Higher, But Middle East Escalation, Safe-Haven Dollar Demand Cap Further Upside
The Australian dollar held higher against the US dollar on Wednesday after softer US inflation weighed on the greenback, but renewed Middle East tensions and stronger safe-haven demand for the USD, alongside Brent crude above $85/barrel, limited the pair's upside. In Wednesday's G10 trading, the AUD rose against all other currencies, except the New Zealand dollar. The next high-impact release for the Aussie will be the Consumer Inflation Expectations for July, due on Thursday. For the USD, the major events will be the Producer Prices Index data for June and testimony of the Federal Reserve Chair, Kevin Warsh, due later in the day. The AUD/USD pair was trading at 0.69898, with a 0.20% gain during Wednesday's American session at the time of writing.
The Australian dollar held higher against the US dollar on Wednesday after softer US inflation weighed on the greenback, but renewed Middle East tensions and stronger safe-haven demand for the USD, alongside Brent crude above $85/barrel, limited the pair's upside.
In Wednesday's G10 trading, the AUD rose against all other currencies, except the New Zealand dollar.
The next high-impact release for the Aussie will be the Consumer Inflation Expectations for July, due on Thursday.
For the USD, the major events will be the Producer Prices Index data for June and testimony of the Federal Reserve Chair, Kevin Warsh, due later in the day.
The AUD/USD pair was trading at 0.69898, with a 0.20% gain during Wednesday's American session at the time of writing.