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The dollar held near a two-month high against the yen after a key U.S. inflation gauge, core PCE, rose 3.1% year on year, above the 2.9% forecast. The euro and pound were little changed, and the dollar's gains faded ahead of a long weekend.
Investors still debated whether the inflation surge would prompt an earlier Federal Reserve taper of asset buying.
Stronger dollar expectations tend to pressure dollar-priced grains, oilseeds and meals while making US exports pricier for foreign buyers. A firmer dollar can also ease import costs for currencies like the yen, which slightly offsets the commodity price effect.
financialpost.comReutersMay 31, 2021After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Not enough comparable past events yet for a historical read.
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.
