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The dollar pushed past 115 yen for the first time since 2017 after Jerome Powell was renominated as Fed chair, which fueled bets on faster US tightening. Treasury yields rose, widening the gap with Japanese government bond yields.
The move happened during a Japanese market holiday.
A stronger dollar against the yen raises the cost of dollar-priced feed imports for Japan and other yen-based buyers, and it can weigh on US commodity prices in dollar terms.
bloomberg.comMichael G Wilson, David FinnertyNov 23, 2021Not 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.
