AUD Bearish: Dalian iron ore falls for second straight session over demand concerns
|Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) fell for the second straight day this Tuesday on rising demand concerns from the mills in the wake of heightened production restrictions in the top steelmaking city of Tangshan.
The fall in the prices is also likely to exacerbate the pain in the Australian dollar, as iron-ore is Australia’s top export product. AUD/USD pair continues to meander near five-month lows of 0.6841, as overtly dovish RBA June meeting’s minutes keep the sentiment undermined. The RBA minutes showed that the board members see more rate cuts likely in the months ahead.
AUD/USD Technical Levels to Watch
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