# Dollar Soars to Fresh 2024 High as Fed Diverges From Major Peers

> The Bloomberg Dollar Spot Index rose as much as 0.4% to a nearly eight-month high on June 26. The gain extended the currency's advance this year as the Fed's policy kept a wide interest-rate gap with other major economies.

- Date: 2024-06-26 · published 2024-06-26T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/29963-dollar-soars-to-fresh-2024-high-as-fed-diverges-from-major-peers
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A stronger dollar makes US commodities more expensive for overseas buyers and tends to pressure dollar-denominated grain and meal prices. It also weighs on emerging-market currencies that import feed.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-09-21 | [U.S. dollar soars to two-decade high as Fed flags more large hikes \| Reuters](https://feedsoft.ai/events/8605-u-s-dollar-soars-to-two-decade-high-as-fed-flags-more-large-hikes-reuters.md) | +2.6% | +2.6% |
| DXY | 2024-12-16 | [Dollar edges higher against major peers as investors eye Fed rate cut \| Reuters](https://feedsoft.ai/events/27178-dollar-edges-higher-against-major-peers-as-investors-eye-fed-rate-cut-reuters.md) | +0.5% | +1.6% |
| DXY | 2016-11-14 | [Dollar surges to 11-month high as bond rout persists](https://feedsoft.ai/events/7743-dollar-surges-to-11-month-high-as-bond-rout-persists.md) | +1.4% | +0.8% |
| DXY | 2021-09-29 | [Dollar at 2021 highs as traders brace for Fed taper](https://feedsoft.ai/events/45259-dollar-at-2021-highs-as-traders-brace-for-fed-taper.md) | +0.1% | -0.5% |
| DXY | 2022-09-26 | [Fed’s Trade-Weighted Dollar Gauge Eclipses High From March 2020 - Bloomberg](https://feedsoft.ai/events/10325-fed-s-trade-weighted-dollar-gauge-eclipses-high-from-march-2020-bloomberg.md) | +0.2% | +0.6% |
| CORN | 2022-09-26 | [Fed’s Trade-Weighted Dollar Gauge Eclipses High From March 2020 - Bloomberg](https://feedsoft.ai/events/10325-fed-s-trade-weighted-dollar-gauge-eclipses-high-from-march-2020-bloomberg.md) | -1.4% | +2.6% |
| CORN | 2023-03-08 | [The U.S. dollar bounces to 2023 high as Fed’s Powell signals higher rates - MarketWatch](https://feedsoft.ai/events/37056-the-u-s-dollar-bounces-to-2023-high-as-fed-s-powell-signals-higher-rates.md) | -1.6% | -0.6% |
| CORN | 2021-06-17 | [Dollar surges to two-month high on Fed rate-hike projection](https://feedsoft.ai/events/5930-dollar-surges-to-two-month-high-on-fed-rate-hike-projection.md) | -2.4% | +2.5% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-06-26/dollar-soars-to-fresh-2024-high-as-fed-diverges-from-major-peers

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