Commodity markets faced downward pressure due to increased US dollar demand as the Fed maintained its policy rate.
Last week, commodity markets faced downward pressure due to increased demand for the US dollar amid concerns that the Fed might delay rate cuts compared to other central banks. The Fed maintained its policy rate, while the Swiss National Bank cut its policy rate, causing the US dollar index to rise. This rise in the US dollar put pressure on commodity prices, as evidenced by the Bank of Japan's interest rate hike impacting precious metal prices.
March 26, 2024
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