
Fed minutes showed the dollar depreciated against many advanced-economy currencies despite wider US yield differentials. Market contacts attributed the decline to hedging driven by policy uncertainty and worries that trade policy could hurt US growth more than other economies.
A softer dollar tends to support US commodity prices in foreign currency terms, though the minutes describe past conditions rather than a new shock to supply or demand.
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.