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Crédit Agricole analysts warned that the Australian dollar's rebound could fade as iron ore prices pull back from a six-month high. They cited continued weakness in China's property sector, steel production quotas and Golden Week holidays.
The bank linked recent AUD strength to the iron ore rally.
Iron ore is a major Australian export to China, and softer steel demand there weighs on Australian export earnings and the currency. For feed buyers, the link is indirect because iron ore is not a feed commodity.
poundsterlinglive.comSam CoventrySep 28, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
