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Jul 02 - 05:00 AM
AUD/USD - Iron Explodes Higher AUD/USD Traders Should Consider Taking Profits
First appeared on eFXplus on Jul 02 - 02:40 AM
  • AUD/USD 0.6970 to 0.6957 after RBA cut to 1% then 0.6987 after
  • Modest reaction due to large AUD shorts, profit taking after the event
  • Iron ore has gained 61% in past 62 days and 136% in last 143 days
  • Australia exports almost half of world's iron ore, support for AUD
  • Risk-on mood in wake of G20. AUD/USD weighed by rates, AUD alone supported
  • Demand for broad AUD, added iron and net shorts. AUD/USD likely to rally

Iron ore Click here

Source:
Refinitiv IFR Research/Market Commentary

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