The Australian Dollar (AUD) recovered its daily losses against the US Dollar (USD) on Tuesday (6/17). However, the AUD/USD pair faced challenges as traders remained cautious amid ongoing geopolitical tensions.
However, the risk-sensitive AUD/USD pair gained on optimism after Iran reportedly asked multiple countries, including Oman, Qatar, and Saudi Arabia, to urge US President Donald Trump to use his influence with Israel for an immediate ceasefire, according to Reuters.
Additionally, risk sentiment improved as Canadian Prime Minister Mark Carney agreed with Trump that their countries should try to finalize a tariff deal within 30 days.
The G7 leaders issued a statement, saying, "We have consistently affirmed that Iran will never have a nuclear weapon." They highlighted that resolving the crisis could lead to a broader de-escalation of hostilities in the region.
Traders are looking ahead to upcoming Australian employment data this week, including the Employment Change and Unemployment Rate, which are expected to provide fresh impetus on the strength of the domestic economy and shape expectations for the Reserve Bank of Australia (RBA) policy outlook. (alg)
Source: FXstreet
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