Forex Today: RBA hikes policy rate, Strait of Hormuz tensions remain high
🔴 Tension RisingFXStreet2026-05-05
Tensions remain high in the Strait of Hormuz between the United States and Iran, leading to a drop in oil prices. The RBA raised interest rates, while the US launched ‘Project Freedom’ to support neutral vessels, attempting to de-escalate the situation. The exchange rate fluctuated due to the RBA rate hike and geopolitical risks.