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The Canadian dollar weakened to 1.2589 per U.S. dollar as a sharp drop in China's equity market and Chinese internet stock selling hit sentiment. U.S. stocks fell from record highs and real U.S. bond yields hit record lows.
U.S. crude settled 0.4% lower at $71.65 a barrel.
Risk-off sentiment from China's equity sell-off signals weaker growth expectations, which can soften energy and commodity demand and pressure prices.
financialpost.comReutersJul 27, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
