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The yen was on track for its best month in almost three years as growth worries pushed US Treasury yields sharply lower and forced speculators to unwind crowded short-yen positions. The yen rose about 1% in Asian trade and touched 132.76 per dollar, a six-week high.
The narrowing US-Japan yield gap was the sharpest since March 2020.
A firmer yen and weaker dollar tend to support dollar-denominated commodity prices, including feed grains and oilseeds, by making them cheaper for non-US buyers. The move is driven by FX and rate dynamics rather than feed supply, so its effect on feed prices is modest.
business-standard.comReutersJul 29, 2022Not enough comparable past events yet for a historical read.
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.
