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Commentary argues the dollar's recent decline reflects more than US interest rate expectations, with events outside the US, including the dollar's reserve currency role, playing a major part. The writer notes the dollar tends to underperform when the US economy is only okay relative to peers.
Non-rate drivers of dollar weakness suggest the currency move may persist, which would support dollar-priced feed commodities over the medium term.
ft.comRebecca PattersonJan 17, 2023After 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.
