A visitor from Mars might have been confused by the responses of commodity markets to US economic data in the past few days. Prices jumped in dollar terms after the publication on Wednesday of a weak non-manufacturing survey, only to give back some of their gains after the news on Friday of a further fall in the US unemployment rate and a pick up in wage growth. The missing part of the jigsaw, of course, was the performance of the dollar itself, which fell sharply against other major currencies in mid-week before staging a partial recovery.
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