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The dollar gained on Thursday as U.S. consumer spending accelerated in July, while the euro fell after cautious comments from an ECB hawk. The PCE price index rose 0.2%, and the dollar index was last up 0.54% at 103.66.
Fed funds futures priced an 89% chance of no change in September and a 44% chance of a November hike.
A firmer dollar raises the local-currency cost of dollar-priced grains and meal for importers, which can weigh on export demand and prices. Mixed data leaves the Fed outlook uncertain, so the dollar's direction remains unsettled.
brecorder.comReutersAug 31, 2023
reuters.comKaren BrettellAug 31, 2023After 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.
