# US dollar forecast: USD at the mercy of the Fed, BoE and NFP ahead | IG SG

> 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.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/32289-us-dollar-forecast-usd-at-the-mercy-of-the-fed-boe-and-nfp-ahead-ig-sg
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Fewer expected cuts keep the dollar firm, which typically weighs on dollar-denominated commodity prices and can make US exports less competitive.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-09-20 | [Australian dollar steady ahead of Fed and BoJ \| IG Bank Switzerland](https://feedsoft.ai/events/39842-australian-dollar-steady-ahead-of-fed-and-boj-ig-bank-switzerland.md) | +2.8% | +2.3% |
| DXY | 2024-05-23 | [USD: Fed minutes boost the dollar \| IG International](https://feedsoft.ai/events/30147-usd-fed-minutes-boost-the-dollar-ig-international.md) | +0.3% | +2.1% |
| DXY | 2024-11-14 | [Rising dollar and rain forecasts weigh on US wheat](https://feedsoft.ai/events/27444-rising-dollar-and-rain-forecasts-weigh-on-us-wheat.md) | -0.1% | -0.0% |
| DXY | 2022-12-27 | [USD to AUD Forecast: Why The US Dollar Is Strengthening Against The Australian Dollar](https://feedsoft.ai/events/38485-usd-to-aud-forecast-why-the-us-dollar-is-strengthening-against-the-australian.md) | +0.1% | -2.5% |
| DXY | 2024-09-16 | [US dollar strengthens ahead of expected Fed rate cut](https://feedsoft.ai/events/28508-us-dollar-strengthens-ahead-of-expected-fed-rate-cut.md) | -0.2% | +1.1% |
| EURUSD | 2024-05-29 | [Big moves ahead: ECB’s interest rate cut and the future of EUR/USD](https://feedsoft.ai/events/30469-big-moves-ahead-ecb-s-interest-rate-cut-and-the-future-of-eur-usd.md) | -0.0% | -1.8% |
| EURUSD | 2018-09-30 | [The British Pound, Euro And US Dollar (GBP, EUR, USD) Exchange Rate Forecasts - Brexit Update \| Exchange Rates UK](https://feedsoft.ai/events/63290-the-british-pound-euro-and-us-dollar-gbp-eur-usd-exchange-rate-forecasts-brexit.md) | -1.0% | -2.0% |
| EURUSD | 2023-09-08 | [Why the US Fed's interest rate pause is a win for dollar bulls \| The National](https://feedsoft.ai/events/34010-why-the-us-fed-s-interest-rate-pause-is-a-win-for-dollar-bulls-the-national.md) | -0.4% | -1.7% |

## Sources

- ig.com: https://www.ig.com/sg/news-and-trade-ideas/market-update--us-dollar-forecast---usd-at-the-mercy-of-the-fed--240129

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