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Sterling rose 0.1% against the dollar to $1.275 ahead of US inflation data. The data could reinforce expectations that the Federal Reserve will soon begin cutting rates.
The pound was also up 0.1% against the euro.
Expectations of Fed rate cuts tend to weaken the dollar, which can lower the cost of dollar-priced grain and feed imports. The effect is small and depends on the upcoming data.
reuters.comAmanda CooperJan 11, 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.
