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The Australian and New Zealand dollars held a rally on May 22, 2023, after Federal Reserve Chair Powell said policy rates may not need to rise as much. The dollar fell as a result, and markets awaited the RBNZ decision and debt ceiling talks.
The Aussie traded near $0.6653.
A weaker US dollar tends to support dollar-denominated commodity prices, including grains and oilseeds. The move is modest and driven mainly by monetary policy expectations.
brecorder.comReutersMay 22, 2023After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
