# DXY extends recovery with fading Fed rate-cut bets | Convera

> The U.S. dollar index was set for its first monthly decline of 2024 as markets scaled back Fed rate-cut bets. The dollar had appreciated against only 14% of its global peers in May. U.S. inflation remained elevated, and Fed officials said cuts would wait for clear evidence of sustained disinflation.

- Date: 2024-05-29 · published 2024-05-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/30517-dxy-extends-recovery-with-fading-fed-rate-cut-bets-convera
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer dollar raises the local-currency cost of imported feed ingredients and makes U.S. exports less competitive abroad, which weighs on commodity prices quoted in dollars.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-01-24 | [Investors temper US rate cut bets as Fed meeting looms](https://feedsoft.ai/events/32288-investors-temper-us-rate-cut-bets-as-fed-meeting-looms.md) | -0.4% | -0.1% |
| DXY | 2019-05-01 | [Dollar rises as Fed's Powell cools bets on rate-cut](https://feedsoft.ai/events/59251-dollar-rises-as-fed-s-powell-cools-bets-on-rate-cut.md) | +0.2% | +1.1% |
| DXY | 2019-07-31 | [The Fed rate cut: Markets reconsider the 'Fed Put' after underwhelming cut](https://feedsoft.ai/events/58267-the-fed-rate-cut-markets-reconsider-the-fed-put-after-underwhelming-cut.md) | +0.9% | +1.8% |
| DXY | 2023-05-19 | [Hawkish Fed bets drive dollar higher \| Convera](https://feedsoft.ai/events/36143-hawkish-fed-bets-drive-dollar-higher-convera.md) | +0.6% | -1.4% |
| DXY | 2023-12-15 | [Dollar rebounds as Fed's Williams talks down rate cuts](https://feedsoft.ai/events/8713-dollar-rebounds-as-fed-s-williams-talks-down-rate-cuts.md) | -0.2% | +0.8% |

## Sources

- convera.com: https://convera.com/blog/market-insights/fx-research/daily-market-updates/dxy-extends-recovery-with-fading-fed-rate-cut-bets/

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