# Australia hit by $50b bomb in global panic | news.com.au — Australia’s leading news site for latest headlines

> Australia's S&P/ASX 200 closed down 1.7%, wiping out over $50 billion in market value, after the Federal Reserve cut rates by a quarter point but projected only two cuts in 2025. The US dollar hit a two-year high and the Aussie fell to about 62 US cents, its lowest since October 2023.

- Date: 2024-12-19 · published 2024-12-19T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/27218-australia-hit-by-50b-bomb-in-global-panic-news-com-au-australia-s-leading-news
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger US dollar and higher expected US rates pressure the Aussie and other currencies that buy commodities, which can make US commodities relatively cheaper for foreign buyers. Equity and risk-off selling can also spill into commodity futures.

## Read by commodity

- DXY: bullish ▲
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-10-05 | [AUD currency rates: Australian dollar sinks to two-and-a-half year low \| news.com.au — Australia’s leading news site for latest headlines](https://feedsoft.ai/events/62784-aud-currency-rates-australian-dollar-sinks-to-two-and-a-half-year-low-news-com.md) | -0.3% | +0.8% |
| DXY | 2021-04-22 | [ECB In Focus, While Australia Pokes The Panda \| Investing.com](https://feedsoft.ai/events/47829-ecb-in-focus-while-australia-pokes-the-panda-investing-com.md) | -0.3% | -1.2% |
| DXY | 2025-02-28 | [The latest Australian dollar sell-off is a red flag for the economy - ABC News](https://feedsoft.ai/events/26332-the-latest-australian-dollar-sell-off-is-a-red-flag-for-the-economy-abc-news.md) | -1.5% | -1.3% |
| DXY | 2022-06-07 | [Australia's central bank raises rates by 50 basis points](https://feedsoft.ai/events/41206-australia-s-central-bank-raises-rates-by-50-basis-points.md) | +2.4% | +4.0% |
| DXY | 2021-12-15 | [Latam FX drops on rising U.S. interest rate risk \| Central bank \| NDA News UK](https://feedsoft.ai/events/43877-latam-fx-drops-on-rising-u-s-interest-rate-risk-central-bank-nda-news-uk.md) | -0.1% | -1.8% |

## Sources

- news.com.au: https://www.news.com.au/finance/markets/australian-dollar/aussie-dollar-smashed-after-us-cuts-rates/news-story/6bcd884baef08bb128ece82958ed4d34

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.