# Major bank: Australian dollar steamrolled by greenback - MacroBusiness

> A major bank says the US dollar has risen above its October 2023 highs, with strength increasingly tied to delayed Fed cuts and US election risk. The Australian dollar has been among the currencies hit hardest by the move.

- Date: 2024-06-29 · published 2024-06-29T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/29965-major-bank-australian-dollar-steamrolled-by-greenback-macrobusiness
- 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 weaker Australian dollar can make Australian wheat, barley and canola more competitive on export markets, which is bearish for those prices in dollar terms. The broad dollar strength supports the same bearish pressure on global grain values.

## Read by commodity

- DXY: bullish ▲
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-04-30 | [Australian dollar downgrades flow - MacroBusiness](https://feedsoft.ai/events/65760-australian-dollar-downgrades-flow-macrobusiness.md) | +1.0% | +2.2% |
| DXY | 2018-02-27 | [Bill Evans: Australian dollar falls delayed - MacroBusiness](https://feedsoft.ai/events/66749-bill-evans-australian-dollar-falls-delayed-macrobusiness.md) | +0.1% | -0.1% |
| DXY | 2023-12-10 | [Australian dollar to fall on strong US jobs - MacroBusiness](https://feedsoft.ai/events/32982-australian-dollar-to-fall-on-strong-us-jobs-macrobusiness.md) | -0.8% | -0.9% |
| DXY | 2022-03-31 | [Searing hot Australian dollar begins to cool - MacroBusiness](https://feedsoft.ai/events/42516-searing-hot-australian-dollar-begins-to-cool-macrobusiness.md) | +0.8% | +3.8% |
| DXY | 2019-07-31 | [Australian dollar crushed to post-GFC low as Fed disapoints - MacroBusiness](https://feedsoft.ai/events/58378-australian-dollar-crushed-to-post-gfc-low-as-fed-disapoints-macrobusiness.md) | +0.9% | +1.8% |

## Sources

- macrobusiness.com.au: https://www.macrobusiness.com.au/2024/06/major-bank-australian-dollar-steamrolled-by-greenback/

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