The Australian and New Zealand dollars declined against a stronger US dollar, driven by a further surge in oil prices that fueled global interest rate hike speculation and pressured bond markets. The Aussie traded flat at $0.6973 after an overnight slip, while the kiwi dollar steadied at $0.5781 following an 0.8% loss. Markets now imply a 40% chance of an RBA rate hike in August and expect RBNZ rates to reach 3.0% by December, pushing bond yields higher. This global trend of rising rates and a strong dollar, coupled with higher oil prices, could put downward pressure on international gold prices and potentially impact the USD/PKR exchange rate.
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