AUD/JPY hovers near 38.2% Fib retracement after Aussie data
- AUD/JPY remains under pressure near key Fibonacci retracement support.
- Australia's Retail Sales fell by 4% in August.
- Weakness in copper weighs over the Aussie dollar.
An above-forecast Aussie Retail Sales data released at 01:30 GMT on Friday failed to draw bids for the Aussie dollar, leaving AUD/USD in the red near 75.69 – the 38.2% Fibonacci retracement of the drop from Aug. 31 high to Sept. 24 low.
As represented by Retail Sales, consumer spending fell by 4% month-on-month in August versus the preliminary estimate and an expected decline of 4.2%.
However, while the data better estimates, it marked a significant deterioration in consumer spending from July's 3.2% increase.
As such, the data did little to lift the AUD pairs. The pair clocked a low of 75.60 during the early Asian trading hours, seemingly due to a decline in industrial metals and the risk-off tone in the equity markets.
Notably, copper, one of Australia's key exports, fell to $2.85, the lowest level since Aug. 17. Meanwhile, the S&P 500 futures fell by 0.20%.
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
