EL7.AI
ForexMedium•3 November 2026•
1 min read

AUD Falls Below 0.7000 Against USD as US Midterm Elections Begin

Key Facts

1The AUD/USD pair fell by 0.44% to trade at 0.6965.
2Iran denied claims that it was close to a diplomatic deal to exit the war with the US.
3The Australian dollar's decline coincided with the start of the US midterm elections.

The AUD/USD pair fell by 0.44% to trade at 0.6965, FXStreet reported. The decline in the Australian currency coincided with the start of the US midterm elections on November 3, 2026. The Australian dollar failed to sustain gains following a recent RBA interest rate hike, breaking below the 0.7000 psychological level.

Iran denied claims that it was close to a diplomatic deal to exit the war with the US, driving safe-haven demand for the US dollar amid geopolitical tensions. Political uncertainty increased as voting began for the US midterm elections on November 3, 2026, weighing on risk-sensitive currencies like the Australian dollar.

Market participants are looking ahead to key US economic data on November 4, 2026, including the ADP Employment Change and the ISM Services PMI. The US Balance of Trade is also scheduled for release on the same date, which may further influence the US dollar's trajectory against major peers.

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