Selloff in Australian Dollar accelerates on news that China’s Dalian port has banned imports of the countries’ coal. The ban came effective at the start of February already and it’s indefinite. Under the control of Dalian customers, Dalian, Bayuquan, Panjin, Dandong and Beiliang harbour will not allow Australian coal to clear through customers.
That’s part of the measures to cap overall coal imports through the above harbours to 12m tonnes this year. Coal imports from Russia and Indonesia will not be affected. It’s also reported that clearing times for Australian coal at other ports are prolonged to at least 40 days.
AUD/USD was initially lifted by stronger than expected employment data earlier today. But it started to reverse after Westpac forecasts RBA to cut interest rates twice this year in August and November. Selloff then accelerates further on the above news.
