Iron-ore prices, traded on the Chinese Dalian Commodity Exchange (DCE), extends its three-day upbeat momentum on Wednesday, up nearly 2% to CNY 662 per tonne ($ 93).
The bullish sentiment around the commodity is mainly driven by falling shipments from big miners and increased odds of further economic stimulus by China in a bid to combat deepening economic slowdown.
The gains in the ferrous metal’s prices could keep the renewed uptick in the AUD/USD pair intact. The spot currently trades near-daily tops of 0.6864, helped by the Reserve Bank of Australia’s (RBA) comments. The RBA said in parliament earlier today that it’s unlikely it will need to employ unconventional monetary policy measures.
It’s worth noting that iron-ore, one of Australia’s top exports, is seen correcting from a bear market seen end-August.
AUD/USD Technical levels to watch
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