# Dollar Surges as a Hot US CPI Report Dampens Fed Rate Cut Expectations

> The dollar index jumped to a 4-3/4 month high after the March US CPI came in hotter than expected, lifting T-note yields. Swap markets cut expected 2024 Fed easing to 50 bp from 75 bp, and the yen fell to a 33-year low against the dollar.

- Date: 2024-04-10 · published 2024-04-10T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/12560-dollar-surges-as-a-hot-us-cpi-report-dampens-fed-rate-cut-expectations
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A hot CPI reducing rate-cut odds strengthens the dollar and pressures dollar-priced feed commodities, while a weaker yen raises Japan's import costs.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼
- EURUSD: bearish ▼
- USDJPY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2024-04-16 | 5 | +2.0% | 2.9 | Hot March US CPI on 2024-04-10 cut expected Fed easing and lifted yields, starting the dollar rally that fed the 5-day gain. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-03-05 | [Dollar jumps as U.S. jobs growth beats expectations \| Financial Post](https://feedsoft.ai/events/10067-dollar-jumps-as-u-s-jobs-growth-beats-expectations-financial-post.md) | +0.2% | +0.9% |
| DXY | 2019-12-06 | [Dollar gains after stronger-than-expected U.S. jobs report \| Reuters](https://feedsoft.ai/events/55796-dollar-gains-after-stronger-than-expected-u-s-jobs-report-reuters.md) | -0.4% | -1.1% |
| DXY | 2024-06-07 | [US job gains surge past expectations, wage growth quickens](https://feedsoft.ai/events/8475-us-job-gains-surge-past-expectations-wage-growth-quickens.md) | +1.4% | +0.8% |
| DXY | 2024-02-02 | [South African rand drops as dollar jumps on US jobs report](https://feedsoft.ai/events/31946-south-african-rand-drops-as-dollar-jumps-on-us-jobs-report.md) | +0.6% | +0.6% |
| DXY | 2024-06-05 | [US dollar rises as strong service sector data muddles Fed easing this year](https://feedsoft.ai/events/8478-us-dollar-rises-as-strong-service-sector-data-muddles-fed-easing-this-year.md) | +1.1% | +0.9% |
| EURUSD | 2019-12-06 | [Dollar gains after stronger-than-expected U.S. jobs report \| Reuters](https://feedsoft.ai/events/55796-dollar-gains-after-stronger-than-expected-u-s-jobs-report-reuters.md) | +0.1% | +0.7% |
| EURUSD | 2026-08-26 | [Euro comes under pressure against US Dollar after mixed US PCE data](https://feedsoft.ai/events/18103-euro-comes-under-pressure-against-us-dollar-after-mixed-us-pce-data.md) | -0.7% | -2.4% |
| EURUSD | 2019-01-31 | [Euro-to-Dollar Rate: Economic Data Suggests There Could Be More Bad News to Come](https://feedsoft.ai/events/61306-euro-to-dollar-rate-economic-data-suggests-there-could-be-more-bad-news-to-come.md) | -0.3% | -0.4% |

## Sources

- barchart.com: https://www.barchart.com/story/news/25391094/dollar-surges-as-a-hot-us-cpi-report-dampens-fed-rate-cut-expectations

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.