The Australian dollar has surged to an eight-month high after a “spectacular” jump in iron ore prices.
At 7am on Tuesday, the local unit was trading at US74.70c, up from US74.0c on Monday.
The dollar surged to US74.85c overnight.
Westpac economists said a 6% rise in Brent crude oil prices supported the currency but the real driver was iron ore.
Spot prices for the metal exploded by 18.5%, their biggest single gain since daily pricing began in 2008, amid expectations Chinese steel mills were planning a short-term boost in production.
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