India, Aug. 19 -- The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as Asian stock markets traded lower, with South Korea and Japan leading the losses amid a broad selloff in semiconductor stocks. Ongoing geopolitical tensions in the Middle East also kept crude oil prices higher and raised global inflation concerns. Bond yields also spiked to the highest levels in nearly two decades.
U.S. President Donald Trump said there are currently no U.S.-Iran peace talks taking place or scheduled. With both the U.S. and Iran asserting control over Strait of Hormuz, shipping traffic has fallen drastically, rekindling crude oil supply concerns.
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