Loading…
The dollar edged higher on Friday but was set to finish 2023 with its first yearly loss since 2020 against the euro and a basket of currencies. The decline accelerated after the Fed adopted an unexpectedly dovish tone at its December meeting and projected 75 basis points of cuts for 2024.
A weaker dollar makes dollar-priced grains, oilseeds and meals cheaper for overseas buyers, which tends to support US commodity prices. Markets now expect the first cut around March and roughly 158 basis points of easing by year-end.
reuters.comKaren BrettellDec 29, 2023After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 388 past bullish macro events, EURUSD moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% 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.
