# The US Dollar Is Rising on Renewed Confidence in the US Economy and Market Fluctuations Ahead of the US Election - Desjardins

> The U.S. dollar rose in October to near late-July levels against many currencies, helped by better U.S. economic data that tempered expectations for Fed rate cuts. Europe's economy showed signs of slowing, while Canada is expected to see more rate cuts, which weighs on the loonie.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/28118-the-us-dollar-is-rising-on-renewed-confidence-in-the-us-economy-and-market
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

A stronger dollar lowers the local-currency cost of U.S. feed and grain exports in importing countries, which can support U.S. export demand while pressuring dollar-denominated commodity prices. The move is mainly a currency-market development.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-10-29 | [Dollar peaks against yen ahead of US election and economic data \| Reuters](https://feedsoft.ai/events/28079-dollar-peaks-against-yen-ahead-of-us-election-and-economic-data-reuters.md) | -0.2% | +2.1% |
| DXY | 2024-10-29 | [Australian dollar undermined by rising US yields ahead of inflation test - Markets - Business Recorder](https://feedsoft.ai/events/28120-australian-dollar-undermined-by-rising-us-yields-ahead-of-inflation-test.md) | -0.2% | +2.1% |
| DXY | 2025-07-30 | [Hovering near 0.6450, the Australian Dollar encounters pressure amidst rising US Dollar demand ahead of decisions - VT Markets](https://feedsoft.ai/events/24043-hovering-near-0-6450-the-australian-dollar-encounters-pressure-amidst-rising-us.md) | -0.0% | -0.4% |
| DXY | 2026-03-03 | [US dollar firms on renewed inflation risks; market pares back rate-cut outlook  \| Reuters](https://feedsoft.ai/events/10710-us-dollar-firms-on-renewed-inflation-risks-market-pares-back-rate-cut-outlook.md) | +0.7% | +2.2% |
| DXY | 2018-09-05 | [Turbulence Roils Emerging Markets In The Shadow Of A Strengthened U.S. Dollar](https://feedsoft.ai/events/63326-turbulence-roils-emerging-markets-in-the-shadow-of-a-strengthened-u-s-dollar.md) | -0.1% | -0.8% |
| EURUSD | 2021-05-28 | [Dollar Edges Up Ahead Of Inflation Data; Yen Falls - Market News Nigeria](https://feedsoft.ai/events/47357-dollar-edges-up-ahead-of-inflation-data-yen-falls-market-news-nigeria.md) | -0.2% | -2.1% |
| EURUSD | 2018-11-05 | [EURUSD retreats on ECB Italy and soft data ahead of US midterm elections](https://feedsoft.ai/events/62241-eurusd-retreats-on-ecb-italy-and-soft-data-ahead-of-us-midterm-elections.md) | -0.5% | -0.3% |
| EURUSD | 2024-01-29 | [US dollar forecast: USD at the mercy of the Fed, BoE and NFP ahead \| IG SG](https://feedsoft.ai/events/32289-us-dollar-forecast-usd-at-the-mercy-of-the-fed-boe-and-nfp-ahead-ig-sg.md) | -0.7% | -0.1% |

## Sources

- desjardins.com: https://www.desjardins.com/en/savings-investment/economic-studies/fx-forecasts-october-2024.html

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