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The pound fell more than 1% to $1.2030 after US nonfarm payrolls rose by 528,000 in July, well above forecasts. The data strengthened the case for another large Federal Reserve rate hike, and the Bank of England's slower tightening and weak UK outlook also weighed on sterling.
Stronger US data supports a firmer dollar and raises the rate-hike outlook, which tends to weigh on dollar-priced commodities. The effect on feed prices is indirect.
reuters.comAug 5, 2022Not enough comparable past events yet for a historical read.
After 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.
