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The dollar gained as the US economy remained stronger than expected, which led the Fed to hold off on easing quickly. Markets priced about 85 basis points of 2024 cuts, down from over 150 basis points in early January, and dollar futures positioning turned net long for the first time since November.
A resilient US economy and fewer expected rate cuts keep the dollar firm, which can weigh on dollar-priced US commodities and support the cost of imports for emerging markets. Feed buyers should expect a stronger-dollar backdrop.
reuters.comSaqib Iqbal AhmedMar 5, 2024After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
