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The dollar fell to a three-week low against the yen after Fed Chair Powell said the economy was not necessarily in recession and that the pace of rate hikes could slow. The dollar dropped as low as 135.105 yen, and the two-year Treasury yield eased.
The Fed had just raised rates by 75 basis points.
Expectations of a slower pace of Fed tightening weaken the dollar, which typically supports dollar-priced grains and oilseeds. The effect on feed markets is indirect and mainly sentiment-driven.
brecorder.comReutersJul 28, 2022Not enough comparable past events yet for a historical read.
After 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.
