Forex
AUD/USD Stabilizes Amid Iron Ore Weakness and Lower Oil Prices
The AUD/USD exchange rate has remained relatively stable on Tuesday morning as investors react to ongoing weakness in iron ore. The price of iron ore dropped to its lowest level in eleven months, with futures hitting $92.85.
This comes amid weaker Chinese demand and narrowing margins at steel mills. The market is also concerned about the lack of any major stimulus measures by Chinese authorities.
The AUD/USD pair is reacting not only to the iron ore prices but also to the performance in the energy market, with oil prices being much lower than where they were last month.