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The Australian dollar gave up earlier gains on Tuesday as the US dollar extended its run higher. Softer-than-expected Chinese PMI data and a dovish Bank of Japan added to the dollar's strength ahead of the Federal Reserve decision.
A weaker AUD on softer Chinese activity signals weaker Chinese demand expectations, a modest bearish signal for Australian-linked commodity demand and a bullish dollar backdrop.
ofx.comWednesdayOct 31, 2023Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
