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The Reserve Bank of Australia unexpectedly raised its cash rate 25 basis points to 3.85% on May 2, 2023, when markets had expected a pause. It warned that further tightening may be needed to bring inflation back to target.
The Australian dollar rose about 1.3% on the decision.
A hawkish surprise strengthens the Aussie and tightens financial conditions, which can pressure commodity prices and export-linked demand from Australia. For feed buyers the effect is indirect, mainly through currency moves affecting Australian grain and barley export competitiveness.
reuters.comStella QiuMay 2, 2023Not enough comparable past events yet for a historical read.
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.
