Inflation-induced US dollar rally ends

The European Central Bank (ECB) and the Bank of Japan (BoJ) remain the only central banks among major developed markets that have yet to raise their respective benchmark rates, although it is likely that the ECB will do so this month.Closer to home, both the Bank of Thailand and Bank Indonesia are the two South-East Asian nations that have yet to raise rates.

AT the time of writing, the Bloomberg Commodity Index (BCOM), which tracks 23 exchange-traded contracts on physical commodities, was last observed at US$111.72 (RM496.85).

Although still up 12.7% year-to-date and not in a bear market just yet, selected commodities are well off the peaks, as we have seen among several industrial metals, energy, agriculture produce like grains and other soft commodities, which are down by between 15% and 58% from their recent peaks.

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