The Australian dollar rose above $0.72, reaching a new four-year peak as growing expectations of a Middle East peace deal weakened the safe-haven US dollar, while disappointing domestic trade figures weighed on sentiment. Australia unexpectedly recorded a goods trade deficit of AUD 1.84 billion in March, its first in over eight years, as imports of data centre computing equipment surged, while fuel shipments also jumped on higher prices driven by the Iran conflict. Elsewhere, the greenback remained under pressure after reports that the US and Iran are moving toward formally ending the conflict, potentially reopening the Strait of Hormuz and paving the way for further nuclear talks. The Aussie also continued to benefit from a rate hike this week from the Reserve Bank of Australia, which lifted the cash rate to 4.35%. Markets now see only a 20% chance of another move in June after three rate hikes this year, while a further increase toward 4.60% by September remains fully priced.