Correlation is not causation and all that ... yep.

Iron ore futures in Dalian had opened up circa 1% in morning trade which seemed to give a tailwind the Australian dollar., They've since dropped into negative, and AUD is slipping from its highs now.

Speaking of China markets, coal is dropping hard again today. Its had a run of 4 days down, this would be 5 if it continues.

AUD/USD:

Correlation is not causation and all that ... yep.