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The dollar posted its second-steepest weekly decline against major currencies this year, and the yen strengthened below 150 per dollar. Cooler US inflation data pulled forward expectations of Fed rate cuts, and the euro rose to $1.0906.
A broad dollar decline supports dollar-denominated commodity prices and US export values, while earlier Fed easing expectations reinforce the weaker dollar trend.
cnbc.comReutersNov 17, 2023
reuters.comHerbert LashNov 17, 2023After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% over 20.
After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
Not 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.
