Iron ore prices continue to slide lower and it may well only take one bad piece of economic data, either Australian or Chinese, to bring the AUD bears back out of hibernation. I’m still strongly of the view that we will see .98 before we see .88, but that doesn’t mean we don’t see .9150 in the meantime.
Tomorrow’s budget has been clearly sign-posted and is unlikely to move the AUD too far.
Local banks are suggesting that standing orders should keep us inside of a .9310/.9410 range for a few sessions.