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The US dollar fell against a basket of currencies after Federal Reserve Chair Jerome Powell's congressional testimony did not sound as hawkish as markets expected. The dollar index fell 0.43% to 102.07, with Powell saying rates would likely need to rise at a more moderate pace.
A weaker dollar on looser-than-expected Fed guidance tends to support dollar-priced commodities, including grains and oilseeds.
cnbc.comReutersJun 21, 2023After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
