Loading…
ING analysts say falling dollar interbank rates should pull the dollar lower as commercial paper issuance rises and 3-month dollar Libor drops to 0.88%. They forecast EUR/USD near 1.20 and USD/JPY near 100 by year-end, and expect US first-quarter GDP to contract sharply.
Lower dollar funding costs and a weaker dollar generally support US commodity prices in dollar terms. The analysts' forecast of a weaker dollar, combined with a sharp US growth contraction, would be a modest tailwind for export-linked grain and oilseed markets.
think.ing.comChris Turner, Francesco PesoleApr 27, 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 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), 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.
