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- Australian Dollar appreciates amid reports of renewed US–Iran talks ahead of the two-week ceasefire expiring.
- US Vice President Vance cited “significant progress” in initial Iran talks in Pakistan, with follow-up discussions likely within days.
- RBA’s Hauser warned that the coming months will be challenging amid the energy crisis and high inflation.
AUD/USD gains ground for the third successive day, trading around 0.7120 during the Asian hours on Wednesday. The pair appreciates as the Australian Dollar (AUD) receives support from improved market sentiment due to the potential for further United States (US)-Iran talks.
The New York Post reported that US President Donald Trump signaled negotiations could resume this week, while also opposing a 20-year suspension of Iran’s nuclear enrichment program. Meanwhile, Vice President JD Vance highlighted “significant progress” in the initial round of Iran talks held in Pakistan, with follow-up discussions potentially set to take place within days.
Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser warned on Tuesday during a fireside chat that the months ahead will be challenging for Australia amid the energy crisis driven by Middle East tensions and elevated inflation pressures. Hauser noted that the economy is struggling to absorb the shock due to persistent inflation and supply constraints, increasing the risk of a stagflation-like scenario.
On the data front, softer-than-expected US Producer Price Index (PPI) data reinforced easing inflation pressures, reducing the need for the Federal Reserve (Fed) to raise rates. Notably, the services component, closely watched by the Fed, stood out, as it excludes direct energy and tariff-related effects.
The US PPI rose 0.5% month-over-month (MoM), well below the 1.2% consensus, while core PPI printed at 0.1% MoM versus expectations of 0.6%. On an annual basis, US PPI increased 4% in March, missing the 4.6% forecast and rising from February’s 3.4%, while Core PPI held steady at 3.8% YoY, unchanged from the prior month.
