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The dollar rose ahead of the Jackson Hole symposium, with the dollar index up 0.63% at 103.99, its highest since June 8. Fed officials Harker and Collins said bond yield increases could help slow the economy and that no more hikes might be needed.
Softer-than-expected data in Europe and the U.S. supported the safe-haven greenback.
Safe-haven dollar demand and rate-hold expectations strengthen the currency, which tends to pressure dollar-priced feed commodities. The effect on prices depends on whether the Fed signals further tightening.
reuters.comSaqib Iqbal AhmedAug 24, 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.
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.
