# The U.S. dollar bounces to 2023 high as Fed’s Powell signals higher rates - MarketWatch

> The dollar index rose to 105.88, its highest since December 1, after Fed Chair Powell signaled higher interest rates than previously expected in congressional testimony. The index was up about 1.1% for the week.

- Date: 2023-03-08 · published 2023-03-08T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/37056-the-u-s-dollar-bounces-to-2023-high-as-fed-s-powell-signals-higher-rates
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A stronger dollar weighs on dollar-denominated commodity prices and makes US feed grain and meal exports less competitive abroad, while higher rates raise carrying costs for the feed sector.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2017-11-01 | [U.S. Dollar Edges Higher as Trump Picks Powell to Head Fed - WSJ](https://feedsoft.ai/events/68152-u-s-dollar-edges-higher-as-trump-picks-powell-to-head-fed-wsj.md) | +0.1% | -1.2% |
| DXY | 2018-05-07 | [Dollar marches to 4-month high as oil rally points to higher inflation - MarketWatch](https://feedsoft.ai/events/65209-dollar-marches-to-4-month-high-as-oil-rally-points-to-higher-inflation.md) | +0.0% | +1.4% |
| DXY | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | +0.3% | -1.0% |
| DXY | 2022-05-09 | [U.S. dollar touches 20-year high as markets shun risk](https://feedsoft.ai/events/41620-u-s-dollar-touches-20-year-high-as-markets-shun-risk.md) | +0.8% | -1.3% |
| DXY | 2023-08-28 | [Dollar steady as Powell says higher rates may be needed - Business & Finance - Business Recorder](https://feedsoft.ai/events/34782-dollar-steady-as-powell-says-higher-rates-may-be-needed-business-and-finance.md) | +0.2% | +1.3% |
| CORN | 2024-06-26 | [Dollar Soars to Fresh 2024 High as Fed Diverges From Major Peers](https://feedsoft.ai/events/29963-dollar-soars-to-fresh-2024-high-as-fed-diverges-from-major-peers.md) | -3.3% | -1.2% |
| CORN | 2022-06-20 | [US dollar to remain resilient amid the re-pricing higher in Fed's rate expectations – ING — Octa](https://feedsoft.ai/events/41145-us-dollar-to-remain-resilient-amid-the-re-pricing-higher-in-fed-s-rate.md) | -3.7% | -11.8% |
| CORN | 2021-06-17 | [Dollar surges to two-month high on Fed rate-hike projection](https://feedsoft.ai/events/5930-dollar-surges-to-two-month-high-on-fed-rate-hike-projection.md) | -2.4% | +2.5% |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/the-u-s-dollar-bounces-to-2023-high-as-feds-powell-signals-higher-rates-3507f062

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