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Fitch affirmed Australia's AAA rating but cut the outlook to negative from stable, citing coronavirus effects on the economy and public finances. Fitch expects the $2 trillion economy to contract 5% in 2020, with recovery beginning in the second half.
AUD/USD stayed in a 0.6550 to 0.6576 range, supported by the RBA's reduced bond purchases.
A weaker Australian growth outlook reduces domestic demand for feed inputs in a contracting economy. The currency reaction was muted, so the direct effect on feed commodity prices is small.
octaafrica.netMay 22, 2020Not 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.
