The Australian Dollar (AUD) continues to strengthen against the United States Dollar (USD) on Tuesday as traders react to signs of easing geopolitical tensions.
Reports confirming a ceasefire between Israel and Iran have helped calm market nerves, prompting a shift back into risk-sensitive assets.
At the time of writing, AUD/USD is trading above the 0.6500 handle, buoyed by fading demand for traditional safe-haven assets, such as the US Dollar.
In Washington, Federal Reserve (Fed) Chair Jerome Powell began his two-day testimony before Congress. His tone remained broadly consistent with recent commentary, emphasizing a data-driven approach while acknowledging progress on inflation.
Powell reiterated that the Fed is not in a rush to lower interest rates, although the door remains open if incoming data supports such a move.
Source: Fxstreet
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