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The pound fell to its lowest level in almost nine weeks against the dollar after UK first-quarter GDP grew just 0.1%, below the 0.3% forecast. Market odds of a Bank of England rate hike next month fell from 60% to 20%, while US GDP beat estimates at 2.3% annualised.
Weaker UK growth and reduced rate-hike expectations strengthen the dollar against sterling, which tends to put downward pressure on dollar-priced commodities.
businessdesk.co.nzJonathan UnderhillApr 29, 2018Not enough comparable past events yet for a historical read.
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.
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.
