Australian dollar hits eight-month high after jump in iron ore prices
by Australian Associated Press from on (#16B1H)
Spot prices for iron ore explode by 18.5%, their biggest single gain since daily pricing began in 2008
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.
Related: Australian shares set to open higher on Monday after surge in base metal price
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