# Dollar edges higher, headed for 1st monthly gain since September

> The dollar index rose 0.29% to 104.98 and was on track for a 2.4% February gain, its first monthly increase since September. Markets repriced the Federal Reserve to a higher peak rate of around 5.4% and priced out rate cuts for the year.

- Date: 2023-02-28 · published 2023-02-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37570-dollar-edges-higher-headed-for-1st-monthly-gain-since-september
- 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 makes US commodities more expensive for foreign buyers and tends to pressure dollar-denominated grain and oilseed prices. It also lifts import costs for feed buyers in weaker-currency countries.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-01-31 | [Dollar's largest monthly gain since September \| EBC Financial Group](https://feedsoft.ai/events/32400-dollar-s-largest-monthly-gain-since-september-ebc-financial-group.md) | +0.3% | +0.4% |
| DXY | 2024-10-28 | [Sterling on track for biggest monthly fall since September 2023 vs dollar](https://feedsoft.ai/events/28096-sterling-on-track-for-biggest-monthly-fall-since-september-2023-vs-dollar.md) | +0.2% | +1.9% |
| DXY | 2026-03-27 | [Pound heads for biggest monthly loss against the safe-haven dollar since October \| Reuters](https://feedsoft.ai/events/20428-pound-heads-for-biggest-monthly-loss-against-the-safe-haven-dollar-since.md) | +0.1% | -1.4% |
| DXY | 2024-04-16 | [Dollar hits 5-month high against euro; yen weakest since 1990](https://feedsoft.ai/events/30942-dollar-hits-5-month-high-against-euro-yen-weakest-since-1990.md) | +0.5% | -0.3% |
| DXY | 2016-11-30 | [US dollar extends gain against yen after best month since 1995](https://feedsoft.ai/events/74082-us-dollar-extends-gain-against-yen-after-best-month-since-1995.md) | -0.6% | +1.3% |
| CORN | 2022-04-28 | [Dollar index hits highest level since 2002](https://feedsoft.ai/events/42070-dollar-index-hits-highest-level-since-2002.md) | -7.5% | -2.6% |
| CORN | 2023-04-17 | [Dollar rebounds on higher expectations for Fed hike in May \| IBTimes UK](https://feedsoft.ai/events/36609-dollar-rebounds-on-higher-expectations-for-fed-hike-in-may-ibtimes-uk.md) | -1.9% | -3.1% |
| CORN | 2023-05-31 | [Dollar higher - Business & Finance - Business Recorder](https://feedsoft.ai/events/36152-dollar-higher-business-and-finance-business-recorder.md) | -1.8% | +0.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/02/28/sterling-holds-gains-after-rising-on-uk-trade-deal-with-eu.html

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