Iron ore prices (futures) climb further on more Vale concerns

News

I posted earlier in the week on revisions being made, higher, for iron ore on supply concerns on the tragic, deadly, collapse of the dam in Brazil 

Iron ore futures are still rising during trade today

Concerns abound over supply

The impact for AUD has been mild only, while higher prices are a positive input for it these are seen as not being sustained, and the bigger news has been the shift on monetary policy outlook from the RBA.

AUD took another thrashing today on the RBA SoMP, showing a small bounce as of now:

The bad news for it from the RBA is well and truly in the market now and there is little on the near term horizon to prompt further moves. But … London is yet to have a crack at it following the SoMP, so do take care if looking to pick a base for now. 

ForexLive

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