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The commodities sector was on track for its fourth straight weekly gain, supported in August by a weaker dollar, lower Treasury yields and expectations of a Fed rate cut at the 18 September FOMC meeting. The sector rose 1.3% over the month, with industrial metals and softs gaining while energy and grains fell.
Analysts see the monthly correction as over but expect only limited rebound until global growth improves.
A weaker dollar and easing rate expectations lower the cost of holding commodities and support prices broadly, but energy and grain weakness shows the gains are uneven across the complex.
home.saxoOle HansenAug 30, 2024After 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.
