Goldman’s Currie Says Buy Commodities Dip, Bull Case Intact

After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.

• Feb 1, 2018No bull market ahead for commodities, Wells Fargo says-1.3%
• Apr 28, 2024US dollar, yields look set to close the gap with commodities+3.6%
• Jun 9, 2019China Central Banker Says No Specific Yuan Level Important - Bloomberg+4.7%
• Feb 28, 2020Commodity weekly Gold shines as the clouds darken | Saxo+0.3%
• Jun 24, 2016Ag Commodities, Companies Slapped Hard by Brexit Vote - 24/7 Wall St.+4.5%

After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.

• Feb 1, 2018No bull market ahead for commodities, Wells Fargo says+0.6%
• Apr 28, 2024US dollar, yields look set to close the gap with commodities+0.9%
• Jun 9, 2019China Central Banker Says No Specific Yuan Level Important - Bloomberg+5.9%
• Mar 24, 2020Commodities Report Hensall Co-op+6.1%
• Feb 28, 2020Commodity weekly Gold shines as the clouds darken | Saxo+3.2%

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.

• Jun 18, 2021Goldman sees Fed-driven dip in commodities as a 'buying opportunity'-0.2%
• Dec 16, 2016Trump Is Causing a Rare Trend in Commodities - Bloomberg+0.0%
• Jan 6, 2017Yuan Pares Record Rally as Goldman Says Now’s the Time to Sell - Bloomberg-0.2%
• Dec 29, 2016Stay both commodity and dollar bullish in 2017 – Goldman Sachs — Octa-1.0%
• Jan 28, 2021ECB in ‘Currency War’ Over Euro, Commerzbank Strategist Says - Bloomberg+0.2%