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The Fed kept rates unchanged and said it would hold them there until the economy recovers, while Chair Powell urged Congress to pass more stimulus. The dollar extended its declines, and oil rose on signs of a demand pickup.
A weaker dollar supports dollar-denominated commodity prices, and firmer crude supports biofuel and input-cost sentiment. The effect on feed prices is modest.
betiforex.comEd MoyaApr 29, 2020After 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.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
