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The dollar rose on Thursday after a mixed batch of US data appeared to challenge the view that the economy is on solid ground. The move suggested the Federal Reserve will likely delay its first rate cut since 2020 until later in the year.
Delayed Fed easing keeps the dollar firm and raises financing costs for feed importers, which tends to weigh on dollar-denominated commodity prices.
reuters.comGertrude Chavez-DreyfussApr 18, 2024After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% 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.
