Market Update – 9th November 2017 – Aussie Dollar Boosted By Second Session Of Higher Iron Ore Prices

The Aussie dollar is up across the board overnight thanks to a second session of rallying iron ore prices. Iron ore at grades of 62% (the benchmark) rose to around US$62 a tonne and may well surge higher today with both Chinese CPI and PPI due around lunchtime AEST. Booming iron ore and coal prices for that matter, certainly have a tendency to boost the Aussie dollar given that these two commodities make up the vast majority of what Australia exports overseas.

Ahead today is Aussie home loans data at 11.30am, followed by the above mentioned Chinese economic data around 12.30pm. Economists are expecting to see a jump of about 2.5% in the number of new home loans by owner occupiers, which should offset the pullback we’ve seen in investors entering the property market. However in my own opinion buying property on the east coast is probably one of the poorest investments right now, due to the fact that we’re likely to see very flat if any growth over the next decade in house prices.


AUD/USD – 0.7676

AUD/GBP – 0.5850

AUD/EUR – 0.6618

AUD/NZD – 1.1022

AUD/JPY – 87.373


Gold – A$1668/oz

Silver –  A$22.17/oz

WTI – US$56.95/barrel


AUD – Home Loans at 11.30am

CNY – CPI/PPI at 12.30pm

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 




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