The Australian dollar rose against most major rivals on Monday on strong demand on commodity currency as the US dollar weakened.

It comes despite a 1% loss in golds price, with the Aussie normally attached to gold as one of the most important Australian exports.

The AUD/USD price rose 0.7% as of 20:42 GMT to $0.653.

Loonie

The Canadian dollar rose 0.1% against its US counterpart as of 20:42 GMT to $0.7369.

US Dollar

The dollar index fell 0.1% as of 20:27 GMT to 98.98, with a session-high at 98.3, and a low at 97.6.

US President Trump expressed hope that both sides reach a ceasefire, but added that countries sometimes need to "fight it out" first, and asserted continuous US support for Israel.

German Chancellor Friedrich Merz expressed hopes that G7 leaders meeting currently in Canada could reach an agreement to contain the conflict.

Iranian officials told western media that their country can't negotiate a ceasefire if Israel continues its attacks.

Investors also digested disappointing manufacturing data released earlier today ahead of the Fed's policy decision tomorrow.

The markets fully expect the Fed to maintain interest rates unchanged.