I always thought that a higher AUD is a good thing for iron ore companies as its an indication of increase demand from the chinese for our commodities (with factors such as interest rates and devaluing US Dollar remaining the same).
I think its signs from China curbing inflation, India biggest consumer of gold raising interest rates and Brazil inflation fears has really spooked the market causing metal prices to drop due to fears of lower demand.
Now compounding to the problems is America releasing lower than expected figures causing growing concerns of economic growth or that it cant stand on its feet without the support of QE2.
I see this is as usual business cycle going down after a high but thats my opinion. (DYOR)
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