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The dollar hit its lowest level in more than three weeks against a basket of currencies on August 31, as investors awaited US payrolls data. Markets had weakened the greenback after Fed Chair Powell said at Jackson Hole that tapering could begin this year without a firm timeline.
Expectations of a delayed Fed tightening and a softer dollar tend to support dollar-priced commodities, including grains and oilseeds, because they become cheaper for foreign buyers. A weak payrolls print would likely extend this move.
brecorder.comReutersAug 31, 2021After 1,637 past bearish macro events, DXY 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.
