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AUD/USD falls below 0.81 together with metals

Has the recovery of the Australian dollar ended? After bouncing back up very nicely from the 0.80 abyss, the Aussie is in danger  of losing that line once again.

AUD/USD is trading under 0.81 once again, as it is sold off together with  the  price of copper, iron ore and coal.

This metal, a  significant Australian export, was already sliding, but it now began a quicker fall,  sliding below $5400 per metric ton. This is a slide of around 8.7% in the recent  session.

Also the price of iron ore is not doing too well.  This metal received a forecast downgrade from Citigroup. They now expect a price of $58 per metric ton in 2015, down from $65 in the previous analysis.

For  coking coal, the bank reduced forecasts by 18%. Oil prices which do not directly affect Australia, have also been falling with both Brent and WTI trading around $45. This hit the C$ hard.

Not only Citigroup downgraded forecasts: also the World Bank downgraded global growth forecasts from 3.4% to 3% in 2015.

An  important release awaits Aussie traders: the local jobs numbers. See how to trade the Australian employment change with AUD/USD.

Here is the chart showing the recent tumble in the Aussie:

Australian dollar down to 80 plus cents against the US dollar January 14 2015

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.