AUD/USD helped to 20-week peak six pips shy of 0.7000 by iron ore gains

Dalian iron ore hits 17-month high. Iron ore is big export earner for Oz

Dovish shift in Fed expectations post-U.S. inflation data is weighing on USD

10% chance of 50 bps Fed hike on Feb 1 vs 25% pre-U.S. CPI print FEDWATCH

There is a large 0.7000 option expiry for 10am ET NY cut, A$743 mln strike

Bull targets beyond 0.7000 include 0.7091, 61.8% Fibo of 0.7661-0.6170