The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Australia's iron ore export is forecast at record high
According to the recent report by the Australian Department of Industry, the country is forecast to earn around 136 billion Australian dollars from the ore exports this year. If it happens, it will mark a new record for the ore-producing continent.
It’s not a secret that Australia is the largest iron ore producer in the world. Driven by the stabilization of the demand from the largest iron ore producers – China and India, the production levels have increased. Post-shutdown euphoria adds fuel to the prices of iron ore as well. Now, the government expects the export volumes to grow to 1.1 billion tonnes by 2025-2026 due to new mines opening in Western Australia.
The optimistic forecasts improve the long-term outlook for Australia, as they signal a rapid recovery from the pandemic. This factor may add bullish momentum to the Australian dollar, which is currently trading above the weekly support of 0.76. The strength of the USD pulled AUD/USD lower from the long-term trendline. However, the situation can change. If bulls try to take over the market once again, they will push the currency pair to 0.7830.
Coinbase Global Inc., the leading cryptocurrency exchange in the US, will go public on the Nasdaq index on April 14!
The American inflation rate is announced on Tuesday at 15:30 MT. It’s an important event for traders as it will impact hugely currency pairs with the USD.
In this article, you'll find the latest news and tech analysis of EUR/USD, gold, and GBP/USD!