AUD/USD trades just below 0.7100 on Tuesday, a touch lower for the day and sliding from the two-month highs reached on Monday. The pair opened with a firmer tone and pushed toward 0.7119 early on, but the bid faded through the session, and by the middle of the American trading session it sits just under its opening level.
The move owes little to Australian data and almost everything to geopolitics. The US Dollar (USD) has clawed back a little ground as tensions around the Strait of Hormuz flare again, keeping a modest safe-haven bid under the Greenback and weighing on risk-sensitive currencies like the Aussie.
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