Daily Morning Call

From the Floor: Iron ore plunges on China downgrade — #SaxoStrats

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May 24, 2017 asian markets, aussie, boye, commodities, eia, fixed income, forex, futures, fx forex, fx trading, gold price, imf, iron, oil, opec, usd, usdcnh
The Moody's downgrade of Chinese debt saw iron ore futures crater as markets weighed the possibility of a deepening growth contraction.

   • Iron ore closes down 4.7% after plunging as low as minus 7%
   • Futures hit by Moody's downgrade of Chinese debt from Aa3 to A1
   • USDCNH spikes to 7.0750 before early London sellers moved it lower
   • Aussie heads lower but selloff muted given magntitude of ore decline
   • Oil catches a pre-Opec bid from API numbers, EIA forecasts
   • USD recovers, gold fails to break out ofn $,1245-65/oz range
   • EU, IMF reportedly growing closer to Greece deal: Boye