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Sterling rose against the dollar after Donald Trump named Scott Bessent as Treasury Secretary, with the dollar weakening on the news. Markets expect a slow and shallow BoE easing cycle, and UK retail sales and PMI data had weakened the pound earlier in the week.
A softer dollar on US policy appointments can modestly support dollar-denominated commodity prices, while the sterling move mainly reflects BoE expectations rather than feed supply or demand.
fxstreet.comSagar DuaNov 25, 2024After 1,637 past bearish macro events, DXY 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.
