The dollar index is losing the war premium it built during the Iran conflict and is on track for its third-biggest decline of the year. Emerging market equities and broad risk assets are rallying as the dollar weakens.
A weaker dollar and firmer emerging-market demand can support commodity import demand and lift prices for dollar-priced feed ingredients.
After 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.
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.
The dollar was shedding its war-driven premium as risk assets and emerging-market currencies rallied, which is consistent with the sharp drop that day.