ANZ note that "for much of the past two......>

AUSSIE: ANZ note that "for much of the past two decades, the price of iron ore

has supplied an important signal for the direction of the AUD. Both because it

is Australia's single largest export and important source of national income,

but also for what it says about the broader growth environment. In recent years

this signal has been fading. The channels that transfer resource prices through

the economy and rates structure have weakened. On top of this, supply

disruptions have clouded the link between iron prices and underlying industrial

demand. With iron ore prices above USD100/t, many suggest the AUD could be

higher. We think this is simplistic and doesn't account for a fundamentally

weaker relationship since 2017."