Australian dollar gives up 11-week peak due to profit taking

•The US dollar is trying to recover from low levels. •International oil prices rise for the third day in a row. •The expiration of the temporary peace agreement between the United States and Iran. •Markets await crucial Australian data this week.

The Australian dollar fell in the Asian market on Tuesday against a basket of global currencies, giving up its highest level in 11 weeks against its American counterpart, on its way to incurring its first loss.

During the last three days, due to the activity of correction and profit-taking operations, coinciding with attempts to recover the US currency levels from low levels.

• The Australian dollar ended Monday’s trading up by about 0.3% against the US dollar, in the second daily gain in a row, and recorded the highest level in 11 weeks at 71.30 cents, amid falling levels of the US currency against a basket of major and minor currencies.

The US dollar rose

The dollar index on Tuesday rose by about 0.1%, as part of attempts to recover from its lowest levels in 11 weeks, on its way towards achieving its first gain in the last four sessions, reflecting the recovery in the levels of the US currency against a basket of global currencies.

Risk appetite in global markets may improve if mediation efforts succeed in reaching a new agreement between the United States and Iran, which includes extending the ceasefire for a new period of time, which may

Supports risk-related currencies, pushing the Australian dollar to resume its gains against the US dollar.

The main indices on Wall Street ended trading lower on Monday, with renewed tensions between Washington and Tehran and the subsequent rise in oil prices, as well as the anticipation of quarterly results from major retail companies for indications about consumer spending in the United States.