Aussie dollar continues slide on industrial metal weakness

The Australian dollar has continued its slide as weak industrial metals and continued greenback support.

At the Asian open on Friday, the local unit was trading at 72.02 U.S. cents, down from 72.45 U.S. cents at Thursday's close.

Major currencies were also weaker against the greenback overnight after U.S. Economic activity was upwardly revised to 3.5 percent annualised in the September quarter.

Support in the U.S. dollar and uncertainty around the commodity markets continued to drag the Aussie, which fell to lows of 71.95 U.S. cents in offshore trade under thin holiday volumes, Commonwealth Bank of Australia senior economist Michael Workman said in a note.

"Iron ore prices in particularly have been heavy in recent days, warning of a softer demand outlook next year," Workman said.

Strategists are contend the unit will remain under pressure throughout 2017, eyeing the May 2016 low of 71.45 U.S. cents in the short to medium term, with a longer term target of 69 U.S. cents by March 2018.

"The risk is it happens sooner than that," CBA chief currency strategist Richard Grace told Xinhua.

By 0843 local time (AEDT) the Australian dollar was trading at 72.14 U.S. cents. Endit