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The dollar index was steady near 103.6 on January 29 as investors awaited the Federal Reserve meeting. Markets were pricing a 49% chance of a March rate cut, down from 86% at the end of December.
The euro edged lower after ECB officials commented on the timing of rate cuts.
Reduced expectations of early Fed easing support the dollar and weigh on dollar-priced commodities, which can affect import costs for feed buyers abroad. The move reflects routine repricing of rate expectations.
globalbankingandfinance.comWanda RichJan 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.
