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The dollar rose on Monday as investors priced out an imminent Fed rate cut ahead of the central bank's meeting. Traders cut odds of a rate reduction to 49% from 73% a month earlier, and the dollar index is set for a 2.4% gain in January.
A stronger dollar on reduced rate-cut odds makes dollar-priced commodities more expensive for importers and tends to pressure grain and oilseed futures.
brecorder.comReutersJan 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.
