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Sterling held up well against the dollar in January, supported by expectations that the Federal Reserve would slow rate hikes after stronger-than-expected US fourth-quarter GDP growth of 2.9%. UK composite PMI fell to 47.8, the lowest in two years, ahead of the Bank of England meeting.
Expectations of slower Fed tightening weigh on the dollar, which tends to support dollar-priced commodities; the UK data itself has little feed-market relevance.
thearmchairtrader.comGraeme Coles-AndrewJan 27, 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.
