
The US dollar traded near its one-month low as Brent fell about 1% to $103.60 and WTI to $96.09 on November 3, their lowest closes in weeks. Investors were also awaiting the US midterm results and several central bank decisions, including an RBA hike.
Strategists expect the dollar to weaken in the coming months.
A softer dollar generally supports dollar-denominated commodity prices and eases import costs for emerging-market feed buyers. Lower oil also reduces inflation pressure on central banks, which can further weigh on the dollar.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.