WPAC latest, this in brief.
On iron ore:
- a solid performance in the iron ore price - rising by nearly 25% from a level that we had originally expected to be vulnerable to the downside at the time
- positive influences on the iron ore price are unlikely to fade in the foreseeable future
- China seems determined to make up for the "lost" first quarter, particularly in construction, over the course of the remainder of 2020 - and cram twelve months' activity into nine.
On the virus response:
- the country's success in containing the virus which has allowed the easing of restrictions well ahead of the governments' original timetables.
- In turn, this has really boosted consumer confidence.
New forecasts:
- USD0.72 by end 2020
- USD0.76 by end 2021
Reprinted from forexlive，the copyright all reserved by the original author.
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