# Dollar dips as Powell testimony disappoints hawks

> 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.

- Date: 2023-06-21 · published 2023-06-21T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/35760-dollar-dips-as-powell-testimony-disappoints-hawks
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar on looser-than-expected Fed guidance tends to support dollar-priced commodities, including grains and oilseeds.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-10-19 | [Dollar dips on dovish Powell comments \| Reuters](https://feedsoft.ai/events/33814-dollar-dips-on-dovish-powell-comments-reuters.md) | -0.0% | -2.1% |
| DXY | 2020-02-21 | [Dollar dented as data disappoints; yen catches a safety bid](https://feedsoft.ai/events/54817-dollar-dented-as-data-disappoints-yen-catches-a-safety-bid.md) | +0.1% | +6.7% |
| DXY | 2018-11-28 | [Dollar drops as Fed's Powell says rates near neutral](https://feedsoft.ai/events/62245-dollar-drops-as-fed-s-powell-says-rates-near-neutral.md) | -0.8% | -0.8% |
| DXY | 2021-02-24 | [Fed Chair Powell's Dovish Testimony Weakens Dollar Against Pound & Commodities](https://feedsoft.ai/events/48542-fed-chair-powell-and-039-s-dovish-testimony-weakens-dollar-against-pound-and.md) | +0.6% | +1.2% |
| DXY | 2023-02-01 | [Dollar falls to nine-month low as Powell notes progress in disinflation \| Reuters](https://feedsoft.ai/events/37522-dollar-falls-to-nine-month-low-as-powell-notes-progress-in-disinflation-reuters.md) | +1.1% | +1.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/06/21/dollar-finds-footing-on-housing-data-as-yuan-falters.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.