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Aus Bureau of Resources / Energy / AUD - Rabobank

FXStreet (Guatemala) - Analysts at Rabobank reminded us that Australia’s Bureau of Resources and Energy Economics released its quarterly report yesterday.

“Its forecasts for the price of iron ore through to the rest of the year had been slashed but, at USD94 a metric ton, there is a sense in the market that this may still prove to be very optimistic”.

“Along with coal, iron ore is Australia’s most important export. Since the country has moved from the mining investment boom into the production phase, perhaps it was inevitable that increased volumes would put downward pressure on prices”.

“However, prices have plummeted to below the $80 level (delivery at the Qingdao port) for the first time since September 2009. In addition to increased Australian production, slackening Chinese demand is a major contributing factor”.

“Since the start of this month Chinese production data, retail sales, FDI and import data have all disappointed”.

“The 6% fall in the value of AUD/USD since early September demonstrates the sensitivity of the AUD to news regarding the Chinese economy”.

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