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Commodities were volatile after Fed Chair Powell signaled possible consecutive rate hikes at a forum. The dollar initially firmed before the gains faded.
Crude rallied after an EIA report showed a large inventory draw and strong demand indicators, while gold fell to a three-month low.
Hawkish Fed signals support the dollar and cap commodity gains, while the crude draw and firm demand signals give energy some support for input costs.
marketpulse.comEdward MoyaJun 28, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
