Aussie highest since early June as Iran truce ends

Evidence tier: A1 Evidence type: Auto-discovered official publication Source: Convera Company News Official publication date: 2026-08-17 Captured: 2026-08-30T12:34:42.331Z

AUD/USD highest since 6 June

The Australian dollar tracked oil prices higher overnight as renewed Middle East tensions pushed energy prices up.

WTI crude gained 2.6%, while Brent crude climbed 2.9%.

Financial markets focused on the expiration of the US-Iran memorandum of understanding on Monday, with US President Donald Trump saying he is in “no hurry” to end the war.

AUD/USD gained 0.3%, making it the best-performing major currency overnight.

NZD/USD gained 0.2%, while the euro, British pound and Japanese yen were broadly flat.

The Aussie gained even as key Chinese data disappointed. Annual industrial production for July was reported at 4.5% versus the 5.0% forecast. Annual retail sales came in at 0.6% versus the 1.5% forecast.

Kiwi climbs as services growth holds steady

New Zealand’s services sector remained in expansion for a second consecutive month in July, although momentum eased slightly. The BNZ PSI slipped to 50.6 from 50.9, with new orders/business leading at 52.6.

However, employment and supplier deliveries remained in contraction at 48.5, highlighting a recovery that remains narrow in scope. Around 64% of firms reported negative conditions, citing cost pressures, higher fuel prices, elevated interest rates and election uncertainty. BNZ expects the recovery to remain gradual until consumer confidence improves.

In FX, NZD/USD has climbed to a more than two-month high. Key support is at the 21-day EMA (0.5853), followed by the 100-day EMA (0.5829). On the upside, resistance is located at the 0.6000 level.

Singapore exports stay strong

Singapore’s non-oil domestic exports climbed 24.2% y/y in July, building on June’s 20.8% increase but coming in below expectations of 26.5%.

Electronics continued to power growth, surging 112% on stronger shipments of disk media products, PCs and integrated circuits, supported by ongoing AI demand. In contrast, non-electronic exports slipped 2.3%, weighed down by declines in pharmaceuticals, petrochemicals and food preparations. Export growth remained uneven, with shipments to the US, China and Taiwan rising, while exports to the EU fell.

In FX, USD/SGD is hovering near a one-week low, although it remains about 1.5% above its 28 January low of 1.2586. Initial resistance stands at the 21-day EMA (1.2833), followed by the 100-day EMA (1.2841). On the downside, 1.2700 is an important support level.

Aussie climbs to new ten-week highs

Table: seven-day rolling currency trends and trading ranges

Key global risk events

Calendar: 17 – 21 August

All times are in AEST

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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.