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The yen rose about 0.7% to 110.74 per dollar on Monday as coronavirus cases climbed in Italy and the Middle East, driving a risk-off move. US stocks fell nearly 3%, gold rose to a seven-year high and oil dropped nearly 5%.
Broad risk-off selling and a 5% drop in oil lower energy costs and feed-related freight expectations while signalling weaker global demand.
cnbc.comReutersFeb 24, 2020Not enough comparable past events yet for a historical read.
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.
After 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.
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.
