Australian Dollar Rangebound

2026-04-23 00:41 By Joshua Ferrer 1 min. read

The Australian dollar held around $0.71, moving in a tight range near four-year highs as investors monitored developments in the Middle East war, while a recovery in domestic PMI data provided support.

Preliminary business surveys pointed to a modest rebound in activity, with manufacturing returning to expansion and services recovering after the sharp weakness seen in March, helping lift the composite gauge back above the growth threshold.

The data suggested domestic demand remained resilient despite firms continuing to report disruptions tied to geopolitical tensions.

Diplomatic efforts between the US and Iran showed limited progress and the Strait of Hormuz remained largely shut to international shipping.

Reports of attacks on commercial vessels and the continuation of US pressure on Iranian ports kept supply concerns elevated.

President Trump said the truce could remain in place while awaiting a revised Iranian proposal, though Tehran signaled no immediate intention to resume talks.



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