ASX 200 recovers to close flat as iron ore miners hit, RBA holds rates at record low

The ASX recovered to finish steady after the RBA said the economy will 'bounce back' from Delta. Iron ore prices tumbled.

With Wall Street closed for a holiday, the ASX took its direction from European markets. Picture: Gaye Gerard

Welcome to the Trading Day blog for Tuesday, September 7. The ASX 200 recovered from a 0.5% early fall, but dipped as the RBA  held the cash rate steady at 0.1%. But the Australian dollar, bonds and shares soon reversed their post-RBA moves.

AUD/USD hit an intraday low of 0.7431 after rising from 0.7441 to 0.7468, the 10-year bond hit a two-day low of 1.255% after rising from 1.265% to 1.283%, and the S&P/ASX 200 share index rose to 7517 after falling from 7510 to 7494.

During the day, iron ore miners were hit after the price of the steel making ingredient tumbled overnight, as China curbs steel production. Oil fell after Saudi Arabia slashed the prices it charges Asian clients. Wall Street was closed, but markets across Europe gained.

Originally published as ASX 200 recovers to close flat as iron ore miners hit, RBA holds rates at record low

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