FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Australian dollar struggled near six-year lows on Friday as falling commodity prices, jitters about China and rising speculation of a U.S. interest rate hike set the stage for the largest monthly fall since October last year.
The Australian dollar dipped to $0.7294, having slipped as far as $0.7255 on Thursday, its weakest since 2009. It has tumbled 5.4 percent in July and more than 20 cents in the last 12 months. The latest blow came after economic growth data in the United States reinforced expectations that the Federal Reserve was on track to raise interest rates this year.
In contrast, the Reserve Bank of Australia is widely seen holding rates at a record low of 2 percent at its policy meeting on Aug 4. Focus will also be on whether the central bank will keep up its comments about the necessity of a lower Australian dollar.
Key support was found at $0.7250, then $0.7204 and $0.7184 which are major Fibonacci retracement levels.
Today Australia released PPI data. Australia Producer Price Index (QoQ) declined to 0.3% from previous 0.5% while the country's private sector credit (YoY) fell from previous 6.2% to 5.9% in June.
