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Asian markets traded in a narrow range on Nov 23 during thin holiday trade, with the Malaysian ringgit and Indonesian rupiah leading losses. Both currencies touched one-week lows after US data, including jobless claims, durable goods and consumer sentiment, suggested the economy was softening but the labour market remained tight.
Markets also cut their bets on Fed rate cuts in 2024.
Reduced expectations of US rate cuts keep the dollar supported and weigh on emerging Asian currencies, which raises import costs for Southeast Asian feed buyers. The effect on feed commodity prices is small and indirect.
brecorder.comReutersNov 23, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
