Australian Dollar Stumbles as Slow Vaccinations Outweigh Iron Rally

Australian Dollar Stumbles as Slow Vaccinations Outweigh Iron Rally

Aussie bulls will be gnashing their teeth after the slow pace of vaccinations in Australia led to lockdowns that are hurting the currency just as iron ore consolidates above $200 a metric ton. Even today, mining staff are being retested on return from sites in the country’s north after a fresh spread of infections. Coming after the AUD/USD slumped because of the Federal Reserve’s hawkish pivot, the highly infectious Delta variant’s impact on the economy is pushing the pair closer to the 0.7476 year-to-date low hit this month. The Aussie is down almost 7% since its February high and a close below the June low will see speculators gang up on the currency to bet that lockdowns could send it toward 0.72.

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