# Dollar index hits highest level since 2002

> The dollar index reached its highest level since 2002 after the Bank of Japan pledged unlimited daily bond purchases to defend its yield cap. The dollar rose 2.16% against the yen to 131.2, and markets priced 150 basis points of Fed hikes in three meetings.

- Date: 2022-04-28 · published 2022-04-28T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42070-dollar-index-hits-highest-level-since-2002
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A surging dollar tends to pressure dollar-denominated commodity prices and encourages importers to buy less, while the widening rate gap with the Fed reinforces the strength of the dollar.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-08-11 | [Dollar hits highest since April ahead of inflation test](https://feedsoft.ai/events/45778-dollar-hits-highest-since-april-ahead-of-inflation-test.md) | +0.1% | -0.2% |
| DXY | 2025-01-13 | [The US dollar is at its highest level in two years.](https://feedsoft.ai/events/26839-the-us-dollar-is-at-its-highest-level-in-two-years.md) | -0.3% | -0.9% |
| DXY | 2016-11-09 | [Dollar rises vs yen to highest since July 27](https://feedsoft.ai/events/74083-dollar-rises-vs-yen-to-highest-since-july-27.md) | +3.1% | +3.3% |
| DXY | 2016-11-16 | [Dollar index surges to 14-year high](https://feedsoft.ai/events/8327-dollar-index-surges-to-14-year-high.md) | +0.6% | -0.0% |
| DXY | 2022-05-05 | [Dollar index hits 20-year high, sterling tumbles on dovish BoE](https://feedsoft.ai/events/8318-dollar-index-hits-20-year-high-sterling-tumbles-on-dovish-boe.md) | +0.7% | -1.2% |
| CORN | 2022-05-05 | [Dollar index hits 20-year high, sterling tumbles on dovish BoE](https://feedsoft.ai/events/8318-dollar-index-hits-20-year-high-sterling-tumbles-on-dovish-boe.md) | +6.2% | +0.4% |
| CORN | 2021-12-30 | [Dollar on track for best year since 2015](https://feedsoft.ai/events/43836-dollar-on-track-for-best-year-since-2015.md) | +2.1% | +4.4% |
| CORN | 2023-09-28 | [Dollar index powers to 10-month high - Business & Finance - Business Recorder](https://feedsoft.ai/events/34310-dollar-index-powers-to-10-month-high-business-and-finance-business-recorder.md) | +1.1% | +1.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/04/28/forex-markets-dollar-japanese-yen-bank-of-japan.html

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