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The Australian dollar fell sharply overnight, dropping about 100 points to intraday lows near 0.7710 as bond market volatility drove demand for haven assets. Markets were disappointed by Fed Chair Jerome Powell's comments, which did not signal yield curve management, pushing US 10-year yields above 1%.
A weaker Aussie and stronger dollar lift the cost of imported inputs for Australian feed users while making dollar-priced grain exports relatively more competitive, a modest bullish signal for Australian export-linked feed prices.
ofx.comMondayMar 7, 2021Not 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.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% 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.
