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Sterling trimmed losses after the Bank of England raised its rate to 4.5%, while the dollar gained as Chinese data showed consumer inflation almost flat in April. Weak Chinese inflation suggests a patchy post-COVID recovery.
The Bank of England expects inflation to fall more slowly, mainly because of food prices.
Weak Chinese demand signals and a firmer dollar can weigh on dollar-priced feed commodities, but the effect here is indirect.
brecorder.comReutersMay 11, 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.
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.
