JP Morgan lowers its outlook for iron ore

Omkar Godbole FXStreet Contributor

Analysts at JP Morgan have revised lower their 2019 iron ore price forecast by 5% to $93.

Iron ore slipped into a bear market earlier this month, having dropped 20% from from 0.7082 to 0.6748 in 2.5-weeks to Aug. 5.

Iron ore is one of Australia's top exports and changes in its price tend to affect the AUD/USD pair.

A downward revision of the iron ore price forecast by JP Morgan is bad news for the AUD.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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