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The yen rose to a six-week high and the dollar dipped at month-end. Stronger-than-expected US economic data has raised bets that the Federal Reserve will slow its pace of rate cuts, and traders price about a 66% chance of a 25 basis point cut at the Dec.
17-18 meeting.
A firmer yen and softer dollar lower the cost of imported feed inputs priced in dollars for Japanese buyers, but the effect on grain and meal prices is limited. Fed pricing is the main channel for broader dollar moves.
cnbc.comReutersNov 29, 2024
reuters.comKaren BrettellNov 29, 2024Not enough comparable past events yet for a historical read.
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.
