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The Australian dollar extended its surge after reaching its highest level since April 2019, rising to US71.97 cents on Wednesday. It has gained more than 30% since mid-March.
The rally was attributed to a weaker greenback and pressure on the US Federal Reserve to add stimulus.
A firm Aussie and weak greenback shift export competitiveness and import costs for Australian feed and grain flows. The trend signals broad dollar weakness that tends to support US commodity prices in dollar terms.
afr.comSarah TurnerJul 30, 2020After 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.
