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The New York Fed reported to Congress that the Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets in October-December 2022. The broad trade-weighted dollar fell 4.7% that quarter, with larger declines against the yen, euro and pound.
A quarter with no official intervention confirms the dollar's slide was driven by market expectations of slower Fed tightening. A weaker dollar typically supports dollar-denominated grain and oilseed prices.
newyorkfed.orgFeb 9, 2023After 47 past bearish report events, US Dollar (Broad) moved a median -0.2% over 5 sessions (34% higher; middle half -0.8% to +0.2%), and -0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
