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Analysts at JP Morgan have revised lower their 2019 iron ore price forecast by 5% to $93.

Iron ore slipped into a bear market earlier this month, having dropped 20% from from 0.7082 to 0.6748 in 2.5-weeks to Aug. 5.

Iron ore is one of Australia’s top exports and changes in its price tend to affect the AUD/USD pair.

A downward revision of the iron ore price forecast by JP Morgan is bad news for the AUD.