23.04.202600:41:56UTC+00Australian Dollar Rangebound

The Australian dollar hovered around $0.71 in a narrow range near four-year highs, as investors tracked developments in the Middle East conflict and drew some confidence from a rebound in domestic PMI data. Preliminary business surveys indicated a modest pickup in activity, with manufacturing returning to expansion and services recovering from the sharp weakness seen in March, pushing the composite index back above the growth threshold. The figures suggested that domestic demand remained resilient, even as firms continued to report disruptions linked to geopolitical tensions. Diplomatic efforts between the US and Iran made little headway, and the Strait of Hormuz remained largely closed to international shipping. Ongoing reports of attacks on commercial vessels and sustained US pressure on Iranian ports kept supply worries elevated. President Trump indicated that a truce could remain in effect while Washington awaited a revised proposal from Tehran, though Iranian officials signaled no immediate intention to resume negotiations.