Australian Dollar Outperforms as Iron Ore Advances
The Australian dollar gains versus all its Group-of-10 peers, extending the recovery from its 2024 low against the greenback earlier this month on higher iron ore prices.
AUD/USD gains 0.2% to 0.6232 as iron-ore futures kick off the week by rising about 2%.
“We continue to see good client activity in AUD/USD,” Chris Weston, head of research for Pepperstone Group, wrote in a research note. “While we can’t rule out a technical bounce, I see a greater risk of a downside break of 0.62, where momentum accounts would look to add to short positions on this development”.
The Bloomberg Dollar Spot Index was little changed after gaining for four consecutive weeks. Treasury 10-year yield steady at 4.63%.
USD/JPY flat at 157.83.
GBP/USD steady at 1.2579.
EUR/USD steady at 1.0426.
Source : Bloomberg