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The dollar fell to a nine-month low against a basket of currencies on February 1 after Fed Chair Powell said the central bank was making progress in bringing down inflation. Markets had been pricing in the possibility of a rate pause.
A weaker dollar supports dollar-priced commodities by making them cheaper for overseas buyers, which tends to lift export demand and futures prices.
reuters.comKaren BrettellFeb 1, 2023After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
