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The Australian dollar dropped 0.6% below 0.71 after stronger-than-expected US GDP and inflation data. The New Zealand dollar weakened on poor local business confidence, and sterling eased on Brexit uncertainty.
A firmer US dollar on strong US data weighs on commodity-linked currencies, which can soften dollar-denominated grain prices in Australia and reduce Australian export competitiveness.
ofx.comFridayFeb 28, 2019Not 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.
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.
