Breakfast briefing: China tones down its pressure on Australia

Late last week China announced that they will drop its tariffs on Australian barley imports that have been in place for three years. A week ago these two prices were US$80/bbl and US$84/bbl. A week ago it was at 61.5 USc so -½c down from then. That all means the TWI-5 has basically held at 69.4 which is -30 bps lower than a week ago. A week ago it was US$29,318 so down -0.9% since then.