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Commodity currencies fell on October 30 as Brent crude dropped about 10% for the week, with the Russian rouble, Norwegian crown and Canadian dollar all weak. Global COVID-19 cases rose by more than 500,000 for the first time, and volatility rose ahead of the US election.
Sharp crude weakness and falling oil-linked currencies reduce energy-driven feed and biofuel input cost support, and weaker commodity currencies can make Canadian and Russian exports cheaper on world markets.
financialpost.comReutersOct 30, 2020After 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 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.
Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% 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.
