# US dollar firms as inflation data backs Fed hike; yen plunges

> The U.S. dollar rose on April 28 after March inflation data showed price growth slowing, but still keeping the Federal Reserve on track to raise rates at its next meeting. The yen weakened sharply in the same session.

- Date: 2023-04-28 · published 2023-04-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/36576-us-dollar-firms-as-inflation-data-backs-fed-hike-yen-plunges
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of further Fed tightening support the dollar, which typically pressures dollar-denominated grain and oilseed prices lower through stronger export competitiveness of rival origins and weaker commodity demand from non-dollar buyers.

## Read by commodity

- DXY: bullish ▲
- USDJPY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-04-07 | [Dollar firms as US jobs report backs Fed hike in May \| Reuters](https://feedsoft.ai/events/36583-dollar-firms-as-us-jobs-report-backs-fed-hike-in-may-reuters.md) | -0.8% | -0.2% |
| DXY | 2024-08-30 | [US dollar rises broadly as inflation data underpins smaller Fed cut](https://feedsoft.ai/events/28980-us-dollar-rises-broadly-as-inflation-data-underpins-smaller-fed-cut.md) | +0.2% | -0.9% |
| DXY | 2022-06-10 | [Rand slumps almost 3% as hot US inflation data backs case for Fed rate hikes \| News24](https://feedsoft.ai/events/41269-rand-slumps-almost-3-as-hot-us-inflation-data-backs-case-for-fed-rate-hikes.md) | +1.5% | +3.7% |
| DXY | 2026-06-01 | [Investors expect US dollar to break higher as Fed battles inflation](https://feedsoft.ai/events/19465-investors-expect-us-dollar-to-break-higher-as-fed-battles-inflation.md) | +1.0% | +1.7% |
| DXY | 2026-04-30 | [Dollar holds firm after Fed raises inflation alarm, yen slips past 160](https://feedsoft.ai/events/19916-dollar-holds-firm-after-fed-raises-inflation-alarm-yen-slips-past-160.md) | -0.8% | -0.1% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/dollar-headed-monthly-loss-yen-steady-ahead-boj-decision-2023-04-28/

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