wrapper

Aussie rebounding supported by iron ore surge

Friday, Jun 05 2015
Aussie is back above 0.77 handle, after yesterday's fall due to weaker than expected Retail Sales and Trade Balance figures. Pair is still supported by the fact that RBA did not announce any additional rate cut, while strong GDP growth supports this case. This morning there were no major data releases from Australia, but incline in iron ore prices seen recently has pushed Aussie higher. 
 
Already the rising ore price is having an impact on production with the latest data from Port Hedland, the world’s largest iron ore export terminal, showing a 5.2 per cent lift in exports to China in May as Australia’s iron ore suppliers capitalized on the mild reversal in fortunes. The production tactics of the nation’s big two miners — Rio and BHP — have been the subject of much debate over the past 12 months, with Glencore again criticizing the tactics of the two heavyweights this week.
 
Aussie is currently being traded few points above 0.77 handle. Pair is likely to find support around 0.7650 level and resistance above 0.7760 area. Later today, in the US session, NFP figures are scheduled for a release.
More in this category: « Unemployment Claims decreased to 276,000 German Factory Orders up more than expected »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.