# Dollar firms as Fed policy meeting gets underway

> The US dollar rose to an eight-week high against the yen and held near a five-week high against sterling as the Federal Reserve began its two-day policy meeting. The market had already priced in the expected tapering announcement, and the Reserve Bank of Australia struck a more dovish tone than expected.

- Date: 2021-11-02 · published 2021-11-02T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/44299-dollar-firms-as-fed-policy-meeting-gets-underway
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer dollar index makes US commodity exports more expensive for foreign buyers, which can weigh on futures. The tapering signal also points to tighter financial conditions ahead.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-06-14 | [EUR/USD plummets to 1.0670 as Fed's hawkish policy keeps US Dollar firm](https://feedsoft.ai/events/29980-eur-usd-plummets-to-1-0670-as-fed-s-hawkish-policy-keeps-us-dollar-firm.md) | +0.1% | -1.1% |
| DXY | 2024-10-15 | [US dollar continues uptrend as Fed policy provides lift](https://feedsoft.ai/events/28054-us-dollar-continues-uptrend-as-fed-policy-provides-lift.md) | +1.2% | +3.1% |
| DXY | 2018-11-08 | [Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail](https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the.md) | +1.0% | +1.2% |
| DXY | 2023-05-22 | [Dollar gains against yen as Fed policy and debt ceiling in focus - Reuters](https://feedsoft.ai/events/36140-dollar-gains-against-yen-as-fed-policy-and-debt-ceiling-in-focus-reuters.md) | +0.7% | -0.7% |
| DXY | 2023-04-07 | [Dollar firms as US jobs report backs Fed hike in May \| Reuters](https://feedsoft.ai/events/36583-dollar-firms-as-us-jobs-report-backs-fed-hike-in-may-reuters.md) | -0.8% | -0.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/11/02/forex-markets-reserve-bank-of-australia-federal-reserve.html

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