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AUD / USD drops to September low and continues to slide

Australian dollar under pressure

AUD / USD has been struggling for weeks, but with today’s new scare it broke September’s low and is now down 33 pips to 0.7156.

Next comes the August low of 0.7106, which was the height of panic over Covid in Australia and the string of lockdowns there.

What is particularly instructive is that the sale continued even after October retail sales crushed expectations by rising 4.9% against the consensus of 2.5%. This offered a brief reprieve, but commodities are sagging widely, including oil which is down $ 1.39 in New York.

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