AUD/USD rises as hopes grow for Strait of Hormuz reopening after Iran proposal

16 articles · Updated · MarketPulse · Apr 27

AUD/USD climbs 0.25% to 0.7165 in early Asia trading, surpassing 0.7120, after Iran reportedly offers the US a new proposal to reopen the Strait of Hormuz and end the war.
The Australian dollar's surge aligns with gains in US equity futures, reflecting heightened risk sentiment as global markets react positively to possible geopolitical progress.
AUD/USD now closely tracks global equities, with a 20-day correlation of 0.95, as stagflation fears and ongoing US-Iran tensions continue to overshadow traditional currency drivers and central bank policy signals.

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