SYDNEY] The Australian dollar slipped for the fourth straight session on Tuesday to a near 1-1/2 week low on continued weakness in the price of iron ore – the country’s top export earner.
The Australian dollar edged 0.17 per cent lower to US$0.7424, a level not seen since May 19.
Chinese iron ore futures have been on a steady decline with the most-active iron ore contract on the Dalian Commodity Exchange diving 28 per cent since mid-March.
“The Aussie is under the gun more so from a general view that downside risk to the commodity space abounds,” said Stephen Innes, senior trader at Oanda.
“With this dispirited near-term view for iron ore prices… the Aussie appears poised for a significant move lower,” he added.