# Dollar advances and heaps pressure on commodity currencies

> The dollar index rose to about 104.8 as strong US data boosted expectations for more Fed hikes and 10-year yields neared 4%. The Australian and Canadian dollars weakened against the US dollar.

- Date: 2023-02-28 · published 2023-02-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37239-dollar-advances-and-heaps-pressure-on-commodity-currencies
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A firmer dollar and weaker commodity currencies can reduce dollar-denominated grain and feed export prices for buyers and shift trade flows from Australia and Canada.

## Read by commodity

- DXY: bullish ▲
- AUDUSD: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-08-22 | [Commodity prices down on rising dollar demand](https://feedsoft.ai/events/39941-commodity-prices-down-on-rising-dollar-demand.md) | +0.0% | +1.6% |
| DXY | 2021-06-21 | [Commodity Prices Dip As Dollar Surges \| OilPrice.com](https://feedsoft.ai/events/46491-commodity-prices-dip-as-dollar-surges-oilprice-com.md) | -1.0% | +0.4% |
| DXY | 2023-10-16 | [The dollar has joined the commodity currency club](https://feedsoft.ai/events/33536-the-dollar-has-joined-the-commodity-currency-club.md) | +0.0% | -0.9% |
| DXY | 2022-10-03 | [Dollar up on euro as quarter ends, commodity led currencies sink - Business & Finance - Business Recorder](https://feedsoft.ai/events/9336-dollar-up-on-euro-as-quarter-ends-commodity-led-currencies-sink-business-and.md) | -0.2% | +0.1% |
| DXY | 2022-07-18 | [Recession concerns, dollar demand clamp down on commodity market](https://feedsoft.ai/events/40398-recession-concerns-dollar-demand-clamp-down-on-commodity-market.md) | -0.8% | -2.0% |

## Sources

- economies.com: https://www.economies.com/forex/news/dollar-advances-and-heaps-pressure-on-commodity-currencies-42475

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