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The Australian dollar rose against the US dollar after US PCE inflation for May came in softer than expected at 2.6% year on year, matching forecasts. Traders raised expectations of a more dovish Federal Reserve.
Market pricing also showed roughly 40% odds of an RBA rate hike in September.
Softer US inflation weakens the dollar and can lift dollar-denominated commodity prices, while a firmer Aussie tends to support Australian export values. The move mainly reflects rate-policy divergence rather than any change in grain or oilseed supply.
octaafrica.netJun 28, 2024Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
