Australian Dollar Follows Iron Ore to Upside

The Australian dollar traded higher against its major rivals during the Thursday’s trading session even though the general market sentiment was negative to risky currencies.

Analysts explained the amazing performance of the Australian currency by the rally of iron ore prices. Iron ore climbed to the highest level in almost three years, rising as much as 8% in just two days. Considering that iron ore is Australia’s biggest export commodity, that is very good news for the Aussie.

AUD/USD rallied from 0.7385 to 0.7407 as of 14:54 GMT today. AUD/JPY jumped from 83.07 to 83.79, trading near the highest level since the huge drop on April 28.

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