It’s the worst day for the Australian dollar in nearly a month. AUD/USD is down three-quarters of a cent to 0.9348.
The Australian dollar hasn’t fallen in two consecutive days since March 19-20 after the FOMC decision but the break to a four-day low signals a correction.
AUD/USD daily
On the chart, the area of support from the late-March, early-April highs around 0.9300 is an initial target.
But throw the techs out the window with several key economic releases due in the hours ahead. At 0300 GMT, China releases March industrial production data, retail sales and Q1 GDP (which is the one to watch).
GDP is expected to rise 1.5% in the quarter, slowing from the 1.8% gain in Q4 2013. Any miss, no matter how small will immediately hit the Australian dollar.
