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Resources rally a game-changer: Goldman’s Tim Toohey

Posted on 22 November 2016

Goldman Sachs’ Australian chief economist Tim Toohey is predicting interest rate hikes and a stronger dollar as commodity prices continue to defy expectations. Coking coal is up 300 per cent this year, thermal coal up 100 per cent and iron ore 80 per cent, with most of the gains in the past two months amid economic stimulus, regulatory change and speculation in China.
The surge in bulk commodity prices has been one of the biggest surprises of 2016 and the degree to which it is sustained will make a big difference for the Australian economy. Based on Goldman Sachs’ upwardly revised commodity price forecasts, the increased value of coal and iron ore exports by the end of 2017 will be worth 1.4 per cent of GDP…………………………………….Full Article: Source


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