aud

Having spiked higher in early European trade as US stock futures put in hefty gains, [AUD/USD] has since eased back in recent trade with the move coinciding with news that China, the world's largest iron ore consumer, may ask Rio Tinto Group and rivals to accept an 82 percent price cut for the raw material after steel prices plunged to 1994 levels (source: Bloomberg). Whilst this news is of more medium term importance, it has still attracted some sellers into the earlier headline strength just ahead of 0.6700 (0.6693 the high). Strong technical resistance at the 0.6695 14th Nov high has also worked to put a lid on trade.