• AUD/USD has traded a 28 pip range thus far Thursday; 0.71375-0.71655

• Wednesday range was 0.71465-0.7176; Tuesday range was 0.71305-0.7185

• 0.7115-0.7180 was Monday range (0.7221 was four-year high last Friday)

• Iran tightens grip on Hormuz. Safe-haven USD may strengthen if conflict escalates

• AUD/USD was sub-0.70 when Iran-US ceasefire was announced on April 7

• Microsoft says it will invest A$25 billion in Australia by the end of 2029

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(Robert Howard is a Reuters market analyst. The views expressed are his own)