AUD/USD slides lower
The Australian dollar should be getting a lift today from surging copper prices but it's a quarter-cent lower on the day.
That erases most of the gains from Friday, when a disappointing CPI report send the US dollar lower, boosting AUD/USD in turn.
One reason for AUD/USD softness is worry about this week's National People's Party Congress in China. It begins Wednesday and could include new rules or directives to tighten up credit markets.
Technically, the pair is now below the 50% retracement of Friday's gain and approaching last week's uptrend. The zone around 0.7845 is key for the hours ahead.
