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The pound rose despite weak UK retail sales, which fell 0.5% month on month in May and 4.7% year on year. Inflation reached 9.1% in May, consumer confidence stayed deeply negative, and the BoE was expected to see inflation top 11% later in the year.
Weak UK consumer demand and a rising cost of living are macro headwinds, but the sterling move itself has little direct effect on feed commodity prices. The relevance to buyers is general macro risk.
fxmag.comKenny FisherJun 24, 2022Not enough comparable past events yet for a historical read.
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.
