China's zero-Covid policy and broader economic circumstances could be weighing on currencies that should be reaping the benefits of higher commodity prices.
Gallo noted that international trade data out of China shows evidence of slower nominal growth rates of certain commodity imports, while import growth has been more subdued than export growth.
However, it is difficult to pinpoint the extent to which the implementation of that policy is factored into present price fluctuations, he noted. "Maybe there is also an element of the green transition embedded in energy prices and base metals too. Perhaps the equilibrium prices of certain commodities are simply changing."
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