- AUD/USD sheds 0.20% ahead of Aussie Retail Sales data.
- Losses in copper and Bloomberg’s commodity index looks to be weighing over the AUD.
The Aussie dollar is feeling the pull of gravity during Friday’s Asian trading hours alongside the signs of weakness in copper, one of Australia’s key exports.
The AUD/USD pair is currently trading at 0.7167, representing a 0.20% decline on the day, having risen from 0.70 to 0.72 in the past five trading days.
Copper slides
Comex copper’s front-month futures fell by 5% on Thursday, the biggest single-day percentage decline since March 18. At press time, the metal is trading at $2.85, the lowest level since Aug. 17.
Further, Bloomberg’s commodity index has slipped to 1-1/2 month lows.
As such, the commodity-sensitive Aussie dollar is flashing red and may suffer a deeper decline during the day ahead.
The AUD, however, may find bids if the Aussie August Retail Sales data, due at 01:30 GMT, betters estimates by a big margin.
The data is expected to show consumer spending fell by 4.2% month-on-month in August.
Technical levels
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