Dalian iron ore futures are down by 4.4% this morning
The tumble comes after news that a major iron ore mine operated by Brazil's Vale will be allowed to resume production again. The mine was closed since February following a deadly accident at a separate mine operated by Vale in late January.
With concerns over supply disruptions in Brazil abating, it is putting some pressure on prices after a solid run over the past week. And that is also leading to added pressure on the Australian dollar so far today.
AUD/USD is now trading at 0.7074 after hitting a low of 0.7057 earlier on. The dollar is also holding firm on the day as it recovers slightly against the rest of the major bloc since overnight trading. All eyes will be on the FOMC meeting decision later but this is just something to take note as for the added weakness in the aussie today.
