# AUD forced to give up gains as USD exceptionalism buoyed - OFX

> 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.

- Date: 2023-10-31 · published 2023-10-31T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/33879-aud-forced-to-give-up-gains-as-usd-exceptionalism-buoyed-ofx
- 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 AUD on softer Chinese activity signals weaker Chinese demand expectations, a modest bearish signal for Australian-linked commodity demand and a bullish dollar backdrop.

## Read by commodity

- DXY: bullish ▲
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-01-16 | [US exceptionalism turns dollar into global problem](https://feedsoft.ai/events/26703-us-exceptionalism-turns-dollar-into-global-problem.md) | -0.8% | -1.0% |
| DXY | 2025-08-27 | [AUD/USD slides to near 0.6470 as US Dollar gains, PCE Inflation in focus](https://feedsoft.ai/events/23571-aud-usd-slides-to-near-0-6470-as-us-dollar-gains-pce-inflation-in-focus.md) | -0.0% | -0.3% |
| DXY | 2019-12-06 | [AUD/USD: Trade Optimism & Forecast Beating NFP - Currency Live](https://feedsoft.ai/events/55814-aud-usd-trade-optimism-and-forecast-beating-nfp-currency-live.md) | -0.4% | -1.1% |
| DXY | 2021-05-28 | [AUD/USD remains depressed around 0.7720 as focus shifts to US data — Octa](https://feedsoft.ai/events/47338-aud-usd-remains-depressed-around-0-7720-as-focus-shifts-to-us-data-octa.md) | -0.1% | +1.0% |
| DXY | 2019-11-27 | [AUD/USD: Dollar Rallies As US GDP Beats Expectations - Currency Live](https://feedsoft.ai/events/56326-aud-usd-dollar-rallies-as-us-gdp-beats-expectations-currency-live.md) | -0.3% | -1.6% |

## Sources

- ofx.com: https://www.ofx.com/en-au/forex-news/daily-and-weekly-market-news/2023/11/01/aud-forced-to-give-up-gains-as-usd-exceptionalism-buoyed/

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