ASX tipped to slide ahead of SOMP; Iron ore above $US120

Summary

• SPI futures are down 0.3% and point to early losses for the ASX 200. Wall Street climbed again overnight and could cushion the fall for the local bourse
• The RBA's Statement on Monetary Policy today is expected to reveal a slightly more optimistic outlook for the Australian economy
• Gold set a new record high of $US2072/oz while iron ore rose 2.7% to move past $US120 a tonne
• The Aussie dollar remains at near 18-month highs and is currently worth US72.35c