AUD Lower As Commodities Tumble

Falling commodities, gold and copper in particular, dragged the Australian Dollar (AUD) down to its 3 day lows. The AUD/USD was comfortably trading around 0.92 during the last 3 days, but the strong plunge in gold prices, which tumbled for more than $21 in just 2 hours, pushed down the pair out of its comfort zone all the way to 0.9125. Later it recovered some of its losses, and now is trading around mid-0.91 levels.

It looks like the pair is going to stay between the range of 0.9160 and 0.9125 for the rest of the day, as the trading week is just a few hours from its close and we have 0.9125 options expiring on Monday.