Australia feeling the heat with markets Down Under lagging
Iron ore is falling at fastest pace since 2008; equity market is among the world's weakest this year
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Sydney
PRESSURE is building for the lucky country.
Australia's dollar is the worst-performing major developed currency in the past three months and the country's equity market is among the world's weakest this year. As key export iron ore tumbles at the fastest pace since 2008, swaps traders have switched from betting the Reserve Bank will raise interest rates by year's end to pricing in about a one in five chance for a cut.
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