AUD Bearish: Dalian Iron-ore prices plunge 3%, trade woes weigh

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) fell 3% so far this Thursday and remains on track to book a big weekly decline.

The falling iron-ore prices could be one of the reasons why the AUD/USD pair is struggling with its recovery attempt and remains confined in a tight range around 0.6970 region. Iron-ore is Australia’s top export product.

Markets look forward to another round of talks between the US and Mexico on trade after Wednesday’s trade talks ended without an agreement, with tariffs set to be imposed on Monday should both the countries fail to strike a deal later today.