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The Reserve Bank of Australia raised its cash rate target from 0.10% to 0.35%, a larger move than the 0.15% the market expected. The statement signaled more hikes ahead as inflation accelerates, and the Australian dollar rose toward 0.7140 before settling near 0.7100.
Higher Australian rates strengthen the Aussie against the dollar, making Australian grain and meal exports pricier for importers and modestly supporting the dollar's competitors in feed trade.
ig.comDaniel McCarthyMay 3, 2022Not 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.
