News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.85%, while traders in EUR/USD are at opposite extremes with 73.88%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.16% Silver: -1.72% Oil - US Crude: -3.19% View the performance of all markets via
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.15% 🇳🇿NZD: -0.15% 🇯🇵JPY: -0.24% 🇬🇧GBP: -0.33% 🇨🇦CAD: -0.35% 🇦🇺AUD: -0.42% View the performance of all markets via
  • #CrudeOil plunging over 2.3% as Libya lifts force majeure on oil exports from El Feel oilfield A push back to support at the September low (36.15) looks likely if price can overcome the psychologically imposing $38 mark #OOTT
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.57% Wall Street: -0.90% US 500: -0.91% France 40: -0.98% Germany 30: -1.49% View the performance of all markets via
  • #Euro Outlook: Covid-19 Second Wave to Weigh on $EURJPY, $EURUSD -
  • Commodity currencies underperformed after House Speaker Nancy Pelosi and White House Chief of Staff Mark Meadows accused each other of "moving the goalposts" on stimulus legislation on Sunday - Bloomberg AUD/USD -0.35% CAD/USD - 0.29% NOK/USD - 0.45%
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • Some massive surges in Covid-19 cases worldwide: The US (+78,702 on Oct 24) France (+ 52,013 on Oct 25) Spain (+ 19,851 on Oct 23) UK (+ 19,790 on Oct 25) Germany (+ 11,176 on Oct 24) A virus resurgence dampened sentiment, weighing on equities, oil and growth-linked currencies.
  • Market Update Risk-off tilt persisting throughout APAC trade $USD gaining against all its major counterparts, with the cyclically-sensitive $AUD and $CAD the biggest underperformers #SP500 continuing to grind lower alongside #crudeoil, #gold and Australia's #ASX200
Iron Ore Prices Slide On Trade War Fears, AUD-Watchers Take Note

Iron Ore Prices Slide On Trade War Fears, AUD-Watchers Take Note

2019-09-03 01:51:00
David Cottle, Analyst

Australian Dollar, Iron Ore Talking Points:

  • Iron ore prices had a bad August
  • Question marks loom over demand as supply is growing again
  • Australian Dollar traders should watch where prices and export levels go

What do retail foreign exchange traders make of your favorite currency’s chances right now at the DailyFX Sentiment Page

The Australian Dollar is close to eleven-year lows against its big US brother and the market probably didn’t need another reason to be bearish on the currency. It might have got one last month though as iron-ore prices took a massive hit.

According to the IODEX measure from Platts which indicated the spot price paid for most of the ore delivered to China, prices were down 27% through August. The commodity is Australia’s major raw material export, among many. But a world worried about recession and trade war clearly isn’t going to need as much of it.

Iron Ore Futures, Singapore Exchange (SGX). Chart by Trading View

It’s worth pointing out that iron ore prices have been highly volatile this year. January’s lethal damn-burst disaster in Brazil saw supply from that quarter limited and drove prices up some 75% on the year to July’s peak. This rise may have slowed AUDUSD’s decline this year. Australia also saw a very steady rise in exports into June, when they hit record levels, as markets increasingly looked to the country for supplies. Still, the market appears to be rebalancing and, with prices falling, Aussie Dollar traders would do well to keep a close eye on where it goes from here.

Supply Crunches Elsewhere Have Boosted Australian Ore Exports

Iron ore exports ran at around A$9 billion (US$6 billion) per month in May and June, so the potential effect on the Australian Dollar is clear. Those months look to have been outliers, though, with somewhere between A$4 and A$6 billion far more usual. A return to those sorts of levels might well weigh on the currency. There has been better news for Australia in other parts of the commodity complex, too. Nickel prices have gained, for example, thanks to a proposed export ban in Indonesia. However Australian nickel exports are worth only a fraction of its iron ore earnings.

Australian Dollar trade is often seen as a function of huge global themes. The currency can at times act as a liquid China-market proxy, or a as a proxy for overall risk appetite, so tied can it seem to the global cycle. This has clearly weighed on AUDUSD this year, as has the relentlessly lower path of Australian interest rates.

They’re now at a new record low of 1% and the markets think they’ll hit 0.5% by the middle of next year.

But amid all those themes there’s Australia’s real economy, and iron ore exports are about as real is it gets.

Whether we see more volatility or an extension of August’s falls, Aussie Dollar traders need to know.

Australian Dollar Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.