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Aussie supported by rise in iron ore prices

Wednesday, Dec 23 2015
There were no data releases from Australia this morning. The AUD is supported by a jump in iron ore prices as well as weakness in the US dollar which is up in the Asian session but down on the week. The iron ore price is continuing to defy dire forecasts in the lead-up to Christmas, with the rally extending to seven sessions.
 
At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $40.20 a tonne, up 2 per cent from its prior close of $39.40 a tonne. An 8 per cent recovery over the past week has seen the commodity rise above $40 a tonne for the first time since December 5, though it remains more than 40 per cent down on the year.
 
Aussie is currently being traded around 0.7240 area. Pair is likely to find support around 0.7180 handle and resistance above 0.7280 level. Later today, in the US session, Durable Goods Orders and New Home Sales figures are scheduled for a release.
More in this category: « Existing Home Sales at the lowest level since April 2014 UK Current Account deficit unchanged in Q3 »

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