# USD extends rally after Powell testimony and stock market drop. AUD can’t hold US 78 cents - OFX

> The Australian dollar has moved lower against the USD over three days, failing to hold 78 US cents after Powell's testimony and a stock market drop. Australian private sector credit growth slowed to 4.9% annually in January, and NAB cut its forecast for RBA hikes.

- Date: 2018-02-28 · published 2018-02-28T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/66747-usd-extends-rally-after-powell-testimony-and-stock-market-drop-aud-can-t-hold
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer USD and weaker AUD reduce the dollar value of Australian commodity exports, while a stronger greenback generally pressures dollar-denominated grain and oilseed prices.

## Read by commodity

- DXY: bullish ▲
- AUDUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-03-08 | [South African rand weakens to multi-year low after Powell testimony \| CNBC Africa](https://feedsoft.ai/events/37167-south-african-rand-weakens-to-multi-year-low-after-powell-testimony-cnbc-africa.md) | -0.4% | -1.9% |
| DXY | 2019-07-31 | [Dow drops 330 points after Powell hints rate cut not the start of a trend](https://feedsoft.ai/events/58268-dow-drops-330-points-after-powell-hints-rate-cut-not-the-start-of-a-trend.md) | +0.9% | +1.8% |
| DXY | 2025-05-08 | [How the Fed’s Hold on Rates Is Affecting Stock, Bond, and Commodity Markets \| Investing.com](https://feedsoft.ai/events/24579-how-the-fed-s-hold-on-rates-is-affecting-stock-bond-and-commodity-markets.md) | +0.5% | -0.9% |
| DXY | 2021-07-13 | [Pound extends fall after US inflation data lifts dollar - Markets - Business Recorder](https://feedsoft.ai/events/46308-pound-extends-fall-after-us-inflation-data-lifts-dollar-markets-business.md) | +0.7% | +0.6% |
| DXY | 2020-01-20 | [Dollar holds firm after strong US data, Chinese yuan extends run](https://feedsoft.ai/events/7876-dollar-holds-firm-after-strong-us-data-chinese-yuan-extends-run.md) | +0.6% | +1.3% |

## Sources

- ofx.com: https://www.ofx.com/en-au/forex-news/daily-and-weekly-market-news/2018/03/01/usd-extends-rally-after-powell-testimony-and-stock-market-drop-aud-cant-hold-us-78-cents/

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