AUD bearish news: Iron ore slips into a bear market

Iron ore, one of Australia's top exports, has slipped into a bear market.

Spot benchmark ore has dropped to $99.50 a ton, representing a 20% drop from five-year highs above $120 hit last month.

A bear market is a condition in which securities prices fall 20% or more from recent highs, according to Investopedia.

While iron ore fell more than 20% in the last couple of weeks, the AUD/USD pair also lost altitude, falling from 0.7082 to 0.6748 in 2.5-weeks to Aug. 5.