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Free AccessWeaker Iron Ore Keeps A$ Pressured
The A$ only shaded the NZD in the G10 space for Thursday's session, underperforming the rest. The currency losing around 0.70%, for the third straight session loss. We are back to 0.6670/75, which is not too far off lows from earlier in the week near 0.6650. Earlier breaks in the week above key EMAs proving unsustainable at this stage. The 20-day sits just above 0.6700.
- The Bloomberg metals commodity index rose +0.21% for Thursday's session, the first gain for the week, but iron ore prices remained on the back foot. The active Singapore contract back to around $116/ton, we ended March at $125.30/ton (off ~6% in the past week). This is back to early January levels.
- A combination of global growth concerns and regulatory pressure in China appear the main catalyst for the recent correction lower. It also comes ahead of what is typically China's peak construction period.
- Elsewhere, the firmer US yield back drop at the front end helped stabilize the USD ahead of Friday's non-farm payrolls print.
- Australian markets return from the Easter break next Tuesday. On the data front we have Westpac consumer sentiment and the NAB business survey. Also note RBA Deputy Governor Bullock is on a panel next Wednesday (WEAI Monetary Panel, Melbourne). On Thursday March jobs data is due.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.