The Australian dollar eased moderately higher overnight to US73¢ as commodity prices such as iron ore rose but the currency faces ongoing pressure from the prospect of higher US interest rates, according to CBA.
“The widespread gains in mining commodity prices support AUD,” analysts from the bank said after the iron ore price rose more than 7 per cent to just shy of $US120 overnight.
ASX futures were down 44 points or 0.6 per cent to 7309 near 7am AEST.
The local currency was 0.4 per cent higher.
The 10-year Treasury yield rose as high as 1.516 per cent in morning trade in New York, its first time above 1.5 per cent since June 29.
It ended the day up 4 basis points to 1.49 per cent; the 30-year settled at 1.99 per cent.
Benchmark iron ore futures on the Dalian Commodity Exchange, for January delivery, rose as much as 5.3 per cent to 715 yuan ($US110.57) per tonne in morning trade.
They closed up 3.5 per cent to 703 yuan a tonne.
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