# Dollar catches breath ahead of Powell testimony; bitcoin attempts recovery

> 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.

- Date: 2021-06-22 · published 2021-06-22T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/46774-dollar-catches-breath-ahead-of-powell-testimony-bitcoin-attempts-recovery
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-11-15 | [Australian Dollar holds recovery ahead of US Retail Sales data](https://feedsoft.ai/events/27662-australian-dollar-holds-recovery-ahead-of-us-retail-sales-data.md) | +0.1% | +0.2% |
| DXY | 2023-06-30 | [Dollar firm ahead of PCE numbers, briefly pokes head above 145 yen](https://feedsoft.ai/events/35737-dollar-firm-ahead-of-pce-numbers-briefly-pokes-head-above-145-yen.md) | -0.4% | -1.5% |
| DXY | 2021-02-23 | [Dollar bounces off six-week low as traders prepare for Powell - Markets - Business Recorder](https://feedsoft.ai/events/10598-dollar-bounces-off-six-week-low-as-traders-prepare-for-powell-markets-business.md) | +0.5% | +1.0% |
| DXY | 2024-01-31 | [Dollar Flat Ahead of FOMC Decision, US Payrolls Report](https://feedsoft.ai/events/32401-dollar-flat-ahead-of-fomc-decision-us-payrolls-report.md) | +0.3% | +0.4% |
| DXY | 2025-05-07 | [Dollar languishes ahead of Federal Reserve meeting, Asian currencies calmer](https://feedsoft.ai/events/9623-dollar-languishes-ahead-of-federal-reserve-meeting-asian-currencies-calmer.md) | +0.8% | -0.8% |

## Sources

- reuters.com: https://www.reuters.com/business/dollar-catches-breath-ahead-powell-testimony-bitcoin-attempts-recovery-2021-06-22/

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