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The AUD/USD pair closed higher last week at 0.6500 and extended gains after Trump named Scott Bessent as Treasury Secretary. The US 10-year yield fell 5 basis points to 4.341%, and the euro gained against the dollar.
Traders are also watching October CPI data and RBA commentary.
Dollar weakness on the Bessent nomination supports USD-priced commodities slightly, but the effect on feed markets is small. The story is mainly about currency and rate expectations.
ig.comTony SycamoreNov 25, 2024After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
