May is the worst month for the Australian dollar
The Australian dollar bears got a head start on May seasonal weakness in the final two weeks of April. AUD/USD had been having a nice month in April and hit a one-month high on April 19 only to reverse that day and continue in a 3.6%, one-way drop.
May has started out just as badly with a 0.5% decline so far.
Seasonally, this is a poor month for the Australian dollar. The average decline in the past decade is 2.2%, making it the worst month on the calendar. It's fallen in 7 of the past 8 Mays.
