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Supported By Gains In Iron Ore

AUD

Spot AUD/USD continues to climb, now up 27 pips at 0.7729. AUD given a boost by higher iron ore futures.

  • Data showed that exports from Port Hedland, Australia's key mining port, dropped slightly in January, but are still elevated and hit the best January level on record. It should also be considered that operations were disrupted in late January due to a tropical storm.
  • There could be some worry over the figures, exports to China fell 11% on the month as the trade spat drags on. Exports to South Korea and Taiwan were higher though, up 35.7% and 53% respectively, but these markets are minnows compared to China.
  • Iron ore futures in Singapore are 1.9% higher today, but with volumes down almost 75%.
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