# Asian FX set for weekly losses as Fed rate hike bets weigh - Markets - Business Recorder

> Asian currencies dipped in thin holiday trading and were set for weekly losses, with the won the region's worst performer this year after falling 2.3% in the week. Money markets priced about an 86% chance of a 25 basis point Fed hike in May, which supported the dollar.

- Date: 2023-04-21 · published 2023-04-21T12:00:00.000Z
- Category: macro · region Asia · magnitude low
- Page: https://feedsoft.ai/events/36650-asian-fx-set-for-weekly-losses-as-fed-rate-hike-bets-weigh-markets-business
- Commodities: [Korean Won (KRW per USD)](https://feedsoft.ai/c/USDKRW.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar on Fed hike expectations tends to pressure dollar-denominated grain and meal prices, while weakening Asian currencies raise import costs for feed buyers in the region.

## Read by commodity

- DXY: bullish ▲
- USDKRW: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-06-18 | [China's yuan weakens to one-week low on strong dollar, Fed hike bets weigh - Markets - Business Recorder](https://feedsoft.ai/events/8413-china-s-yuan-weakens-to-one-week-low-on-strong-dollar-fed-hike-bets-weigh.md) | +1.4% | +1.0% |
| DXY | 2023-02-27 | [Asian FX, stocks pressured by higher US rates outlook - Markets - Business Recorder](https://feedsoft.ai/events/37599-asian-fx-stocks-pressured-by-higher-us-rates-outlook-markets-business-recorder.md) | -0.7% | -0.9% |
| DXY | 2023-12-05 | [Most Asian FX, stocks fall after traders reconsider Fed rate cut bets - Markets - Business Recorder](https://feedsoft.ai/events/32968-most-asian-fx-stocks-fall-after-traders-reconsider-fed-rate-cut-bets-markets.md) | +0.4% | -0.6% |
| DXY | 2021-07-01 | [Long bets cut on Asian FX; Fed tapering fears, virus spike hits rupiah - Markets - Business Recorder](https://feedsoft.ai/events/46332-long-bets-cut-on-asian-fx-fed-tapering-fears-virus-spike-hits-rupiah-markets.md) | +0.5% | -0.1% |
| DXY | 2021-02-22 | [US money markets bringing forward Fed rate hike bets to end-2022 - Markets - Business Recorder](https://feedsoft.ai/events/48546-us-money-markets-bringing-forward-fed-rate-hike-bets-to-end-2022-markets.md) | +1.0% | +1.1% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40238400

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