Dollar Drifts as Markets Await RBA Rate Hike Decision
The U.S. dollar is holding steady as investors monitor the Iran conflict and high oil prices. Markets expect the Reserve Bank of Australia to raise rates later today.
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Global currency markets remained largely range-bound on Tuesday as traders assessed the geopolitical implications of the conflict involving Iran and the United States. Market sentiment has been weighed down by uncertainty in the energy sector, particularly after several American allies declined a request to escort oil tankers through the Strait of Hormuz, casting doubt on the normalization of exports.
