Iron ore is one of Australia’s top exports.
China’s iron ore imports jumped 16.8% in June from a month earlier, data released early Tuesday showed. That is the biggest percentage rise since October 2017. In addition, the figure was 35.3% higher from June 2019, according to Reuters.
The surge in iron ore imports has been fueled by rising shipments from miners and robust demand in China and is a bullish piece of news for the Aussie dollar. The currency, however, may not receive an immediate boost from the data, as risk sentiment has soured due to the rising number of new coronavirus cases in the US and the Sino-US tensions.
At press time, AUD/USD is trading at 0.6938.
Share
