Australian Dollar fills weekly bearish gap against retreating USD; AUD/USD retakes 0.7100
Markets and risk appetite are likely to remain on edge following a major weekend escalation in the Middle East. The U.S. and Israel launched coordinated strikes against Iran, reportedly killing its Supreme Leader and several senior officials — a development that materially raises uncertainty around regional stability, oil markets and broader risk sentiment.
The impact of full-scale war involving Iran will be the dominant theme as market open following the surprisingly early opening of hostilities by Israel and the USA, with the semi-closure of Hormuz and increased OPEC production key factors.