The AUD/CAD currency pair held within a tight daily range on Tuesday, as the Australian Dollar failed to gain traction following the publication of the Reserve Bank of Australia’s June monetary policy meeting minutes.
The RBA’s June minutes indicated that policy makers saw current financial conditions as “somewhat tight”, but emphasized that the board was still prepared to raise interest rates further if needed to safeguard price stability.
The minutes also underscored that the ongoing conflict in the Middle East presented a two-sided risk to the outlook, with significant upside risks to inflation and downside risks to overall economic growth.
Meanwhile, the Canadian Dollar, closely tied to commodity performance, remained under pressure due to lower energy prices.
West Texas Intermediate crude oil fell back toward $70 per barrel, as energy market participants assessed an uncertain mix of geopolitical standoffs in the Middle East, possible diplomatic openings and evolving security risks across key global shipping routes.
US President Donald Trump stated that the United States and Iran were prepared to commence new peace talks on Tuesday in Doha, Qatar, following a weekend marked by regional hostilities.
Tehran, however, directly rejected this portrayal, asserting that no talks with Washington were planned “at any level” and stressing that its focus remained on carrying out an existing memorandum of understanding rather than pursuing final agreement negotiations.
The AUD/CAD currency pair was last up 0.05% on the day to trade at 0.9787.
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