Morning everyone. I'm not so sure about you but I for one am sick of hearing the words "Jackson Hole." Be assured that once it is over it'll be FOMC and ECB meetings instead for the next two weeks. My personal view is Uncle Ben wont be announcing anything on the QE front there.

On a personal note I actually went skiing at Jackson Hole a few years ago and I can safely say it some of the most challenging and fun skiing ever. A beautiful part of the world and great chicken wings!

Anyhow I digress I am supposed to be talking about currencies. The over riding theme overnight is how many iron ore "experts" there suddenly are on the street. All eyes are following iron ore this morning and the implications for the Australian economy. Indeed a few Aussies Ive spoken today are already looking at their mining share portfolios and are crying on my Kiwi shoulder.

Overall this is becoming a major issue for many and a continued collapse will say a lot about China and Oz. Watch closely.