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The pound had its worst day in five months, falling almost 1.5% against the dollar toward 1.30 after the Bank of England's 7-2 rate hike. ING said markets were disappointed by forward guidance that lowered expectations for further hikes.
A stronger dollar on the back of weaker sterling and dovish BoE guidance can weigh on US commodity prices in dollar terms.
exchangerates.org.ukFrançois AuréNov 3, 2017After 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.
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.
