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Commodity prices causing movement in Asian session

Monday, Jun 15 2015
With no major data releases from Australia today, traders are more focused on commodity prices, primarily iron ore and gold prices. The price of iron ore has fallen for the first session in nine on a bout of mild profit-taking. At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $65.00 a tonne, down 0.6 per cent from its prior close of $65.40 a tonne.
 
An eight session positive run over the past fortnight had sent iron ore to a four-month high as traders welcomed signs of falling stockpiles at key Chinese ports. This has also supported Aussie slightly in the past few sessions. As for gold, it added $1.70 this morning to trade at 1180.90 hugging its support level at 1180.
 
However, all this was not of big help for Aussie which fell and is currently being traded at 0.7710 area. Pair is likely to find support around 0.7680 and resistance above 0.7750 level. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.
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