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Aussie slightly higher on incline in iron ore prices

Friday, Aug 14 2015
There were no major data releases from Australia on Friday morning. However, Aussie was pushed higher after public address by the PBOC which laid aside fears of the drop in the value of the Chinese commodities. This morning RBA Gov Kent spoke and assured markets that these were short term effects and that the Aussie economy would rebound with little damage from this short term volatility.
 
Iron ore has broken a run of three straight red sessions, climbing overnight amid concerns about a supply bottleneck. At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US56.20 a tonne, up 0.7 per cent from $US55.60 a tonne in the prior session. The move leaves it just US20c shy of a one-month high.
 
Aussie is currently being traded few pointa above 0.7370 level. Pair is likely to find support around 0.73 handle and resistance above 0.7430 area. Later today, in the US session, PPI, Industrial Production and Consumer Sentiment figures are scheduled for a release.
More in this category: « German and French GDP missed market expectations Eurozone GDP rose by 0.3% »

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