Jul 14, 2026 – 4.15pmHopes for a rebound in the Australian dollar are hanging by a thread after US President Donald Trump reinstated a blockade through the Strait of Hormuz and traders ramped up their bets for a US interest rate rise later this month.The Aussie, which is often traded as a proxy for risk, sat at US69.2¢ on Tuesday, having been stuck below US70¢ since late June. After climbing to as high as US69.7¢ at the end of last week, it was swiftly sold off again.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles