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The US dollar fell to 16-week lows against a basket of major currencies on Dec 1. The move followed data showing solid consumer spending in October and moderating inflation.
Traders took this as a sign the Federal Reserve is nearing the peak of its rate hikes.
A weaker dollar makes US commodities cheaper for foreign buyers and supports export demand for grains and meals. The lower dollar also reflects expectations of slower Fed tightening.
reuters.comKaren BrettellDec 1, 2022After 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.
