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The Fed and Bank of England both cut rates by 25bp as expected, and their guidance was balanced. Post-election dollar longs were partly unwound, which ING views as a positioning adjustment rather than a change in the Trump trade.
ING keeps a bearish euro bias.
Partial unwinding of dollar longs reduces near-term dollar support, which can modestly ease pressure on dollar-priced feed commodities, while the euro's bearish bias keeps imported feed costs elevated for euro buyers.
think.ing.comFrancesco Pesole, Frantisek Taborsky, Chris TurnerNov 8, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
