FX Daily: Another Brexit Deadline Breached

AUD: Iron ore and external factors overshadow RBA minutes

Iron ore prices are facing some correction this morning after yet another strong and volatile week on the back of supply concerns and China’s resilient demand. AUD’s recent outperformance vs other procyclicals was helped by the iron ore rally and a potential broader correction (we don't see current iron ore levels as sustainable) remains the key risk to AUD’s strong momentum along with external factors such as Brexit. The Reserve Bank of Australia minutes from the quite uneventful December policy meeting (released tonight) will likely play second fiddle (FXA).

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