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Iron ore futures surged more than 5 percent to hit the highest level since 2014 on fears that the crisis at top miner Vale SA would create supply deficit.  

Futures jumped to a five-year high of $94 a ton in Singapore earlier today, representing an 11 percent weekly gain, having rallied 14 percent last week, according to Bloomberg.  

Iron ore rally usually bodes well for the Aussie dollar as that metal is one of Australia’s top exports.  

However, as of now, markets are focusing on RBA’s dovish shift on interest rate guidance. The AUD, therefore, is not responding to the rally in ore prices.