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The dollar fell to a seven-month low ahead of Jerome Powell's speech, with markets pricing in about 94 basis points of Fed cuts this year. Traders also cited shifting expectations for the US presidential election as a factor weighing on the greenback.
A seven-month low for the dollar supports dollar-priced commodities and can lower import costs for buyers in other currencies. Election-related swings could add volatility to the dollar's direction.
reuters.comStefano RebaudoAug 20, 2024After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
