Aussie dollar hits 10-day low on lower iron ore prices, rate cut bets

LONDON: The Australian dollar fell over a percent to a ten-day low against its U.S. counterpart on Monday, hit by persistent weakness in iron ore prices and speculation of an April cut in Australian interest rates.

Chinese iron ore futures fell for the fourth consecutive session on tepid demand in the world's top consumer and growing supplies by global miners put the raw material in check. Iron ore is Australia's top export earner.

The Aussie dollar was trading at $0.7666, its weakest since March 20 and down over 1 percent on the day.