AUD/USD falls as safe-haven demand lifts USD
The AUD/USD pair is trading lower, around 0.7060, due to increased demand for the US Dollar as a safe-haven asset.
Geopolitical tensions, particularly the US-Iran conflict, are driving market caution and supporting the USD.
Weaker-than-expected US employment data has also dampened expectations for a near-term Federal Reserve rate hike, with Nonfarm Payrolls dropping by 23,000 in July.