AUD bullish news: Iron ore futures jump to 5-month highs

Chinese iron ore futures jumped nearly 7 percent to the highest level since March today on tightening supplies and strong steel margins.

The September iron ore contract on the Dalian Commodity Exchange climbed as much as 6.5 percent to CNY 512.50 ($75) a tonne, its highest since March 9, as per Reuters News.

The Aussie dollar, a proxy for China, could find some love as iron ore is one of Australi's top exports.