Iron ore prices continue their upward trajectory with the spot price up 4pct last week to reach 79 USD/tonne, the highest level since 2017. Coal another major export is also at multi year highs. The last time Iron Ore was at these levels AUDUSD was at 0.8000. This illustrates the large divergence in the currency value to fundamentals over recent months and can be explained by an increasing interest rate differential between Australia and the US, and the trade war.
Comment:
Keeping Long position active, adding here