AUD bullish: Dalian iron-ore rallies 4% on China stimulus hopes

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) extended its winning streak into a sixth straight day on Thursday, having surged nearly 4% to CNY 664 ($93.62) per tonne on Chinese stimulus hopes.
China's cabinet, the State Council, said on Wednesday that China will cut bank reserve requirements in a "timely manner" to spur economic growth.
The rise in the ferrous metal’s prices is likely to add to renewed upside attempts seen in the AUD/USD pair that currently trades near 0.6820 region, helped by fresh optimism on the US-China trade talks.
It’s worth noting that iron-ore, one of Australia's top exports, slipped into a bear market last week.
AUD/USD Technical levels to watch
Author

Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

















