
The US Dollar Index rose toward 98.50 after December FOMC minutes showed most officials open to further cuts only if inflation declines, with some favoring a pause. CME FedWatch showed about an 85% chance of rates being unchanged in January, and the DXY is on track for its largest annual drop of nearly 9.5%.
A firmer dollar and fewer expected Fed cuts reduce the currency-driven support for US commodity exports and raise the relative cost of dollar-priced feed ingredients for importers.
After 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.
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.