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The pound rose about 1% against the dollar after the Bank of England's November policy decision, which did not mention negative interest rates. Traders also took comfort from an extension of the furlough scheme to March 2021.
Reduced expectations of negative rates strengthened sterling, which affects GBP-linked pricing but has little direct bearing on feed supply or demand. Dollar weakness from the US election delay adds a small indirect support for dollar-priced commodities.
exchangerates.org.ukColin LawrenceNov 5, 2020Not 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.
