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Emerging-market assets rallied after Fed Chair Jerome Powell said the time to adjust monetary policy had come at the Jackson Hole symposium. The Mexican peso, Brazilian real and South African rand led gains, each climbing at least 1.7%.
The greenback gauge fell to its lowest since January.
A weaker dollar and firmer emerging-market currencies lower the local-currency cost of dollar-priced feed imports in importing countries. Rate-cut expectations can also support broader commodity prices.
bloomberg.comMaria Elena Vizcaino, Giovanna Bellotti AzevedoAug 23, 2024Not enough comparable past events yet for a historical read.
After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% over 20.
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.
