
The dollar gained on Wednesday after Fed minutes from the July 28-29 meeting suggested aggressive stimulus could last longer than under the previous strategy. The minutes said the labor market recovery depends on a broad and sustained reopening, and equities, gold and oil retreated.
Signals of prolonged stimulus are usually dollar-negative over time, but the short-term gain reflected risk-off flows that weighed on energy and metals prices.
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.
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.
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.