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USD/JPY broke to new highs on Wednesday after OPEC agreed to cut output by over a million barrels per day to 32.5 million barrels per day. Crude rose more than 8% on the deal, and the dollar extended its post-election rally on higher bond yields and Fed rate hike expectations.
The OPEC cut lifts crude and energy costs, which supports biofuel margins and vegetable oil demand, while the stronger dollar weighs on dollar-priced feed commodity exports.
forex.comGlobal authorNov 30, 2016After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
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.
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.
