Australian Dollar holds ground near 0.7000 as Middle East tensions escalate
The AUD/USD pair holds positive ground near 0.6990 during the early Asian session on Monday. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran.
The US and Israel are in the third week of a direct war against Iran. US President Donald Trump said that the US is not yet prepared to make a deal with Tehran to end the war, per CNN. Meanwhile, Israel’s military stated that it plans for its campaign to continue for at least three more weeks
Tensions in the Middle East escalated as the US struck Iranian military installations on Kharg Island, Iran’s main oil export hub, on Saturday. Tehran responded quickly by launching attacks on neighboring countries, hitting the United Arab Emirates (UAE) and Iraq’s hubs among other targets. Hezbollah claimed to be responsible for targeting the US embassy in Baghdad. Heightened geopolitical uncertainty in the Middle East could boost the US Dollar (USD) as a safe-haven currency.
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