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Scotiabank previews the Peruvian central bank (BCRP) decision, where the reference rate is expected to stay at 7.75%. The bank says weak economic performance may prompt a more cautious tone that raises the odds of a Q3 rate cut.
US yields fell after softer inflation data, and the USD weakened broadly.
A possible shift toward rate cuts in Peru could weaken the sol, while the broader USD move affects dollar-denominated commodity prices. The effect on feed commodities is indirect and modest.
scotiabank.comJul 13, 2023Not 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.
