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Two Australian banks raised their 2021 Australian dollar forecasts, with NAB seeing 80 to 85 US cents and Westpac 82 cents, after the currency hit a 2.5-year high above 76 cents. The article attributes the rise to iron ore prices, a weaker US dollar and improved risk sentiment.
A firmer Australian dollar raises the cost of Australian grain and barley in US dollar terms, a mild bullish factor for competing origins.
smoney.com.auJustin RamponoDec 22, 2020Not enough comparable past events yet for a historical read.
After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% 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.
