Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) extended its losing streak into an eighth straight day on Monday, having hit fresh two-month lows of CNY 609.50 ($86.31) per tonne amid worries of weak demand as China’s top steel-producing province of Hebei looks to tighten emission requirements.
The slump in the ferrous metal’s prices is likely to keep the upside attempts restricted in the AUD/USD pair that currently trades near 0.6790 region, having reversed a dip to 0.6771 lows, as US-China trade woes linger.
It’s worth noting that iron-ore, one of Australia’s top exports, slipped into a bear market last week.
AUD/USD Technical levels to watch
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