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The Australian dollar edged lower on Tuesday, failing to hold above US$0.72 amid renewed global inflation concern after a record rise in euro area CPI. Chinese PMI data helped support the currency, but COVID lockdown risks in China were seen as a headwind.
Weakness in the Aussie combined with China's COVID-related growth risks points to softer demand expectations for Australian commodities, a mild negative for export-linked feed ingredient prices.
ofx.comWednesdayMay 31, 2022Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) 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.
