最新报道：The US dollar has made some nice progress this session, even as the broader market has taken a more cautious stance on the Iran-Israel conflict today. Oil prices are now roughly flat at $73.90, having earlier risen as high as $77, while S&P 500 futures are up 0.2% on the day, shaking off lows of 1% seen in early Asian trading. So, what's happening in the currency space? EUR/USD is now down 0.5% at 1.1465, while USD/JPY is up 1.2% on the day at 147.83. As noted here, the latter is partly due to the focus on the Japanese oil market. However, there is broad demand for the US dollar, with AUD/USD also currently down 1.0% at 0.6381. If anything, the geopolitical tensions between Iran and Israel are giving traders a chance to reduce their shorts on the US dollar. Or should I say, it's enough of a reason to do some short covering after a relatively weak session in May. There doesn't look to be much buying here at the moment. But as always, technicals are our best friend in determining this. In the case of AUD/USD, the failure to firmly break out of the 0.6500 mark in any upward push is now starting to see signs of exhaustion. The pair is currently pulling back and is looking to test its 100-day moving average (red line), which is found at 0.6360. Staying above that level, there are still opportunities for buyers, but breaking below it, the bias becomes more bearish. But in the bigger picture, remember that the impact of geopolitical tensions on market movements is always temporary. Once that subsides, we will return to the things we were previously focused on. Did everyone forget that we still have a bunch of trade deals that were supposed to be done? There are still 16 days until the July 9 deadline. There will definitely be extensions, but it will still be interesting to see how things develop over the next two weeks. So much for the idea of 90 agreements in 90 days. We didn't even get one. Nada. Nil. Zilch. Nothing. Good stuff, huh? As we start to refocus on inconsistent policy from the US government and more tariff concerns, the dollar could start to falter again as it has before. So keep an eye on the gains we see today.