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A surging yen forced investors to unwind popular carry trades that borrow in low-yielding currencies such as the yen and invest elsewhere. The sharp yen rally hit positions across global FX markets.
The move reflected traders reassessing rate differentials after central bank signals.
Sharp FX swings and risk-off unwinds raise volatility in dollar-denominated commodity markets and can shift the cost of imported feed for Asian buyers, though direct grain price effects are usually modest.
reuters.comAlun JohnJul 29, 2024Not enough comparable past events yet for a historical read.
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.
