# Dollar firms as US jobs report backs Fed hike in May | Reuters

> The dollar strengthened on April 7 after a stronger-than-expected US jobs report for March. Rate futures shifted to price a 70% chance of a 25 basis point Fed hike in May, though multiple cuts were also priced by year end.

- Date: 2023-04-07 · published 2023-04-07T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/36583-dollar-firms-as-us-jobs-report-backs-fed-hike-in-may-reuters
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher odds of further Fed tightening lift the dollar, which tends to weigh on dollar-denominated commodity prices and raise financing costs for importers.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-04-28 | [US dollar firms as inflation data backs Fed hike; yen plunges](https://feedsoft.ai/events/36576-us-dollar-firms-as-inflation-data-backs-fed-hike-yen-plunges.md) | -0.3% | +1.2% |
| DXY | 2018-06-13 | [Dollar mostly firmer as Fed sees more U.S. rate hikes \| Reuters](https://feedsoft.ai/events/64708-dollar-mostly-firmer-as-fed-sees-more-u-s-rate-hikes-reuters.md) | +1.3% | +0.6% |
| DXY | 2022-01-17 | [Dollar edges up as traders assess Fed rate hike bets \| Reuters](https://feedsoft.ai/events/43326-dollar-edges-up-as-traders-assess-fed-rate-hike-bets-reuters.md) | +0.7% | +0.7% |
| DXY | 2017-06-01 | [Dollar bounces back after strong U.S. private sector jobs report \| Reuters](https://feedsoft.ai/events/70726-dollar-bounces-back-after-strong-u-s-private-sector-jobs-report-reuters.md) | -0.4% | -1.1% |
| DXY | 2023-04-21 | [US dollar flat to modestly higher as upbeat data backs May rate hike](https://feedsoft.ai/events/36297-us-dollar-flat-to-modestly-higher-as-upbeat-data-backs-may-rate-hike.md) | +0.3% | +0.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/dollar-rises-after-us-jobs-data-2023-04-07/

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