Dollar weakens following commodities slide

money, dollar notesA slide in iron ore prices has whacked the Australian dollar back below 78 US cents.

At 0700 AEDT on Monday, the local currency was trading at 77.54 US cents, down from 78.01 cents on Friday.

Commodity prices were lower on Friday, with oil, copper and iron ore taking a tumble.

“The Australian dollar’s underperformance was readily explained by the latest slump in iron ore prices,” National Australia Bank, global co-head of FX strategy, Ray Attrill said.

The iron ore price fell four per cent to $53.14 per tonne, Attrill said.

The economic calendar starts to ramp up again this week following a quiet few weeks, with a string of surveys and Australian Bureau of Statistics releases due ahead of next week’s Reserve Bank board meeting.

AAP

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