The AUD/USD pair gains momentum to near 0.7160 during the early Asian session on Monday. The reports that the United States (US) and Iran are closing in on a deal that would reopen the Strait of Hormuz provide some support to the riskier asset such as the Australian Dollar (AUD) against the Greenback.
Bloomberg reported on Sunday that the US and Iran have signaled progress in talks to end the war and would reopen the Strait of Hormuz, even as US President Donald Trump said he won’t “rush” into an agreement.
The US officials stated that nothing is ready to be signed as combatants remain at loggerheads over Tehran’s enriched uranium stockpile and tolls on the strategically vital Strait of Hormuz. Traders will closely monitor the developments surrounding the US-Iran peace deal, and any signs of progress could underpin the Aussie in the near term.
Markets slash chance of more…
