Strong USD is back
Jump in to know the latest market news and trade ideas for today!
Australia's iron ore export is forecast at record high
Information is not investment advice
According to the recent report by the Australian Department of Industry, the country is forecast to earn around 136 billion Australian dollars from the ore exports this year. If it happens, it will mark a new record for the ore-producing continent.
It’s not a secret that Australia is the largest iron ore producer in the world. Driven by the stabilization of the demand from the largest iron ore producers – China and India, the production levels have increased. Post-shutdown euphoria adds fuel to the prices of iron ore as well. Now, the government expects the export volumes to grow to 1.1 billion tonnes by 2025-2026 due to new mines opening in Western Australia.
The optimistic forecasts improve the long-term outlook for Australia, as they signal a rapid recovery from the pandemic. This factor may add bullish momentum to the Australian dollar, which is currently trading above the weekly support of 0.76. The strength of the USD pulled AUD/USD lower from the long-term trend line. However, the situation can change. If bulls try to take over the market once again, they will push the currency pair to 0.7830.
Similar
NZD will be driven by RBNZ
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
Any optimism for the Canadian labor market?
Canadian Employment Rate and Unemployment Change are announced on April 9, at 15:30.
Popular
Strong USD is back
Jump in to know the latest market news and trade ideas for today!
NZD will be driven by RBNZ
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
USD is at two-week low, gold rises
Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
Choose your payment system
