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The dollar paused on Tuesday as traders awaited Federal Reserve Chair Powell's testimony. The greenback had risen sharply after the Fed the previous week signaled earlier-than-expected interest rate hikes, though it gave back a little of that gain on Monday.
Expectations of earlier Fed tightening support the dollar, which typically weighs on commodity prices quoted in dollars and can make U.S. exports less competitive.
reuters.comTom WestbrookJun 22, 2021After 359 past neutral macro events, DXY moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% 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.
