AUD/USD down 23 pips to 0.7023
The Australian dollar posted a modest bounce on Monday after a week of declines and it's right back in the doldrums today.
AUD/USD managed a modest climb in Asian and early European trading but heavy selling has hit since the start of US trading.
One of the drivers is copper, which is down for the fifth day and trading at the lowest since Aug 24. A close at this level would be the lowest since 2009. Prices of aluminum, silver, nickel and gold are also lower.
The next area of support is the psychological 1.0700 zone followed by the Oct and September lows.
The latest move isn't reflective of AUD fundamentals as much as it is a sign of broad US dollar strength. USD is has the constant tailwind of the being the lone central bank that's tightening and the dollar is at or near session highs across the board.
