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Analysts expect the dollar to find temporary support before the Fed signals its path to rate cuts. Markets have trimmed 2024 rate cut expectations after hotter-than-expected December CPI and strong growth data.
Fewer expected cuts keep the dollar firm, which typically weighs on dollar-denominated commodity prices and can make US exports less competitive.
ig.comRichard SnowJan 29, 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.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% 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.
