All the action is over on the equity markets. As we had just anticipated, BHP have announced a joint venture with Rio Tinto in the iron ore market. Full details will emerge shortly but the AUD bears, selling on the back of the Rio/Chinalco news, are covering their shorts and the AUD looks all shiny and rosy again, at least for an hour or so.
The AUD/USD is back at .8030. Offers are tipped to start emerging above .8050.