# AUD sees a rise following President Trump’s speech - OFX (US)

> The Aussie dollar rose to open near 0.6669 after President Trump said the US would sanction Chinese officials over Hong Kong, without mentioning the bilateral trade deal. Canadian GDP fell 7.2% in March and the CAD dropped against the USD. China's May manufacturing PMI came in at 50.6, signaling a third straight month of expansion.

- Date: 2020-05-31 · published 2020-05-31T12:00:00.000Z
- Category: geopolitics · region US · magnitude low
- Page: https://feedsoft.ai/events/53412-aud-sees-a-rise-following-president-trump-s-speech-ofx-us
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

US-China political friction raises the risk that Chinese purchases of US farm goods slow, which is bearish for US soy and grain demand. The stronger AUD and weaker CAD mainly reflect currency flows rather than direct grain supply changes.

## Read by commodity

- AUDUSD: bullish ▲
- USDCAD: bearish ▼

## Sources

- ofx.com: https://www.ofx.com/en-us/forex-news/daily-and-weekly-market-news/2020/06/01/aud-sees-a-rise-following-president-trumps-speech/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.