Daily Morning Call

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

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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