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Jan 13 - 07:55 AM

AUD/USD - Up To Eye 0.70 As Iron Ore Gets Stronger

By Rob Howard  —  Jan 13 - 05:40 AM
  • AUD/USD helped to 20-week peak six pips shy of 0.7000 by iron ore gains

  • Dalian iron ore hits 17-month high. Iron ore is big export earner for Oz

  • Dovish shift in Fed expectations post-U.S. inflation data is weighing on USD

  • 10% chance of 50 bps Fed hike on Feb 1 vs 25% pre-U.S. CPI print FEDWATCH

  • There is a large 0.7000 option expiry for 10am ET NY cut, A$743 mln strike

  • Bull targets beyond 0.7000 include 0.7091, 61.8% Fibo of 0.7661-0.6170

Source:
Refinitiv IFR Research/Market Commentary

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