Sagar Dua said on Wednesday in European trade the Australian dollar weakened across major currencies as US Treasury yields surged and risk-off drove heavy AUD selling. Market pricing assigns a 15% chance the Reserve Bank of Australia will raise the cash rate from 4.35% at its August meeting and a 50% probability that the current tightening cycle has ended. Oil's rebound toward pre–Middle East-war levels has helped stabilize global inflation expectations and cooled the outlook for further RBA haw

Sagar Dua said on Wednesday in European trade the Australian dollar weakened across major currencies as US Treasury yields surged and risk-off drove heavy AUD selling. Market pricing assigns a 15% chance the Reserve Bank of Australia will raise the cash rate from 4.35% at its August meeting and a 50% probability that the current tightening cycle has ended. Oil's rebound toward pre–Middle East-war levels has helped stabilize global inflation expectations and cooled the outlook for further RBA hawkishness.