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The Australian dollar fell below US$0.65 on May 31, 2023, after weak Chinese PMI data showed manufacturing contracting further. Copper and Brent crude also dropped sharply during the month.
The move was tied to renewed doubts about China's post-COVID recovery.
Weak Chinese demand signals lower import needs for soybeans, meal and other feed ingredients, which pressures prices. A softer AUD reflects the same commodity-demand concern.
ofx.comThursdayMay 31, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
