AUD/USD climbs to four-month high as copper hits new record

AUD/USD extended its advance to a four-month high, supported by rising commodity prices and renewed strength in copper, which hit another record high. The source does not report a specific price level, percentage change, pip figure or support and resistance levels. The fundamental driver is Australia's role as a major commodity exporter. The country is a large exporter of iron ore, coal and liquefied natural gas, and one of the world's leading copper producers. As a result, the Australian dollar is often viewed as a commodity currency. When commodity prices rise, Australia's export revenues and terms of trade can improve, which tends to support the currency. For traders, the link between record copper prices and AUD strength remains the key theme. Continued firmness in commodity markets would keep the backdrop supportive for AUD/USD, while any reversal in copper could weigh on the pair's momentum.