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Gold gained on March 23 as the dollar weakened and Treasury yields fell after the Fed's 25-basis-point hike. Crude oil also rose on strong US export and gasoline demand signals and a narrowing Brent-Dubai spread, and copper led base metals higher.
A softer dollar and firmer energy prices can lift feed input costs, including fuel and freight. The gains were driven mainly by macro sentiment rather than grain supply changes.
breakwaveadvisors.comANZMar 23, 2023After 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.
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.
