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The Australian and New Zealand dollars returned to their recent trading ranges after a choppy reaction to Fed Chair Powell's comments that rates had peaked but March was not the base case for a cut. Traders still expected sizeable US rate cuts later in the year.
Expectations of US rate cuts keep the dollar pressured, which supports dollar-priced commodities, while the Aussie's range-bound move limits the impact on Australian export competitiveness.
brecorder.comReutersFeb 2, 2024Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% 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.
