# FOREX Dollar hits 7-month low before Powell, Swedish crown volatile after rate cut | Reuters

> 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.

- Date: 2024-08-20 · published 2024-08-20T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/28997-forex-dollar-hits-7-month-low-before-powell-swedish-crown-volatile-after-rate
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-08-19 | [Sterling hits one-month high as Fed rate cut bets weigh on dollar \| Reuters](https://feedsoft.ai/events/29068-sterling-hits-one-month-high-as-fed-rate-cut-bets-weigh-on-dollar-reuters.md) | -0.8% | -0.7% |
| DXY | 2024-08-02 | [Dollar hits four-month low as weak US jobs data boosts rate cut bets](https://feedsoft.ai/events/9285-dollar-hits-four-month-low-as-weak-us-jobs-data-boosts-rate-cut-bets.md) | -0.3% | -1.3% |
| DXY | 2024-09-27 | [US dollar slumps after softer inflation, China rate cut. AUD/USD hits 18 month high](https://feedsoft.ai/events/28578-us-dollar-slumps-after-softer-inflation-china-rate-cut-aud-usd-hits-18-month.md) | +0.9% | +2.9% |
| DXY | 2023-02-01 | [Dollar falls to nine-month low as Powell notes progress in disinflation \| Reuters](https://feedsoft.ai/events/37522-dollar-falls-to-nine-month-low-as-powell-notes-progress-in-disinflation-reuters.md) | +1.1% | +1.4% |
| DXY | 2024-08-26 | [US Dollar Falls After Powell Rate-Cut Signal but Downside Limited: GS - Markets Insider](https://feedsoft.ai/events/28988-us-dollar-falls-after-powell-rate-cut-signal-but-downside-limited-gs-markets.md) | +0.7% | -0.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/dollar-seven-month-low-rate-cut-bets-powell-speech-focus-2024-08-20/

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