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USD/JPY fell overnight as traders positioned ahead of the FOMC decision, with safe-haven yen buying and a drop in Fed hike bets. Wall Street sold off on tech and China regulatory fears, and Beijing has released state oil reserves to cool commodity prices.
Chinese release of oil reserves to cool prices may lower its crude imports, which is mildly bearish for energy and the cost of freight and processing inputs.
forex.caJul 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 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
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.
