Aussie lower due to fall in iron ore prices

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Thursday, Jun 18 2015

There were no data releases from Australia this morning, but despite that fact and the bit dovish tone of yesterday's Fed statement, Aussie was pushed lower this morning currently being traded around 0.7720 area. The U.S. central bank indicated Wednesday it is likely to raise the ultralow interest rates later this year although its policy-setting panel gave no new words regarding exactly when it could take place. Markets were hoping for some kind of confirmation of September rate hike.

What had a negative impact on the Aussie this morning is decline in iron prices. The price of iron ore is again testing the psychologically important $60 a tonne mark as high-grade product, seen in short supply in recent weeks, returns to the market. At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $60.90 a tonne, down 1.9% from its prior close of $62.10 a tonne.

Pair is likely to find support around 0.7650 level and resistance above 0.7770 area, yesterday's high. Later today, in the US session, CPI, Unemployment Claims, Current Account and Philly Fed Manufacturing Index data is scheduled for a release.

More in this category: « Fed provides no clue on interest rate hike UK Retail Sales rose by 0.2% »

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