Australian Dollar trades with caution in countdown to the Budget release

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The Australian Dollar (AUD) trades cautiously against its major currency peers, is 0.23% down to near 0.7230 against the US Dollar (USD), during the late Asian trading session on Tuesday. The antipodean will likely remain volatile ahead of the Australian Budget release for 2026 at 09:30 GMT.

The Australian Dollar exhibits a subdued performance ahead of the Australian Budget Release.
Market impulse is risk-off amid renewed US-Iran tensions.
Investors await the Trump-Xi meeting, which will take place in the May 13-15 period.

Australian Dollar Price Today

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.24%	0.27%	0.27%	0.11%	0.28%	0.16%	0.25%
EUR	-0.24%		0.03%	0.04%	-0.16%	0.03%	-0.11%	0.02%
GBP	-0.27%	-0.03%		0.00%	-0.19%	-0.02%	-0.12%	-0.02%
JPY	-0.27%	-0.04%	0.00%		-0.21%	-0.03%	-0.14%	-0.05%
CAD	-0.11%	0.16%	0.19%	0.21%		0.17%	0.06%	0.14%
AUD	-0.28%	-0.03%	0.02%	0.03%	-0.17%		-0.12%	-0.03%
NZD	-0.16%	0.11%	0.12%	0.14%	-0.06%	0.12%		0.09%
CHF	-0.25%	-0.02%	0.02%	0.05%	-0.14%	0.03%	-0.09%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).

Ahead of the budget announcement, Treasurer Jim Chalmers has admitted that the housing and tax systems are “not working for a lot of Australians”, The Guardian reported. “I think the housing market and the tax system are not working for a lot of Australians, and tonight we seek to address that,” Chalmers said.

Meanwhile, renewed tensions between the United States (US) and Iran are also hurting the Australian Dollar. Fears of a resumption of the war between the two nations have escalated, following a report from CNN, which stated that US President Donald Trump has grown increasingly frustrated with how the Iranians are handling talks to end the conflict, and some Trump aides say that he is now more seriously considering a resumption of major combat operations than he has in recent weeks.

As of writing, S&P 500 futures are 0.2% down, slightly below 7,400, reflecting a risk-off market mood. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% higher to near 98.15.

Going forward, investors will pay close attention to the meeting between US President Trump and Chinese leader Xi Jinping in May 13-15 in China. The outcome of the bilateral meeting will have a significant impact on the antipodean, given that the Australian economy relies meaningfully on its exports to Beijing.