# Fed Chair Powell's Dovish Testimony Weakens Dollar Against Pound & Commodities

> Fed Chair Jerome Powell told Congress that rates will stay low and the Fed will keep buying bonds, weakening the dollar against the pound and commodity-linked currencies. Gold and commodity-linked currencies rose as inflation expectations increased.

- Date: 2021-02-24 · published 2021-02-24T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/48542-fed-chair-powell-and-039-s-dovish-testimony-weakens-dollar-against-pound-and
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A weaker dollar and rising inflation expectations tend to support dollar-priced commodities, though the effect on feed grains is modest compared with the currency move itself.

## Read by commodity

- DXY: bearish ▼
- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-02-25 | [Weak U.S. Dollar Benefits Some Ag Commodities \| Feed & Grain](https://feedsoft.ai/events/48780-weak-u-s-dollar-benefits-some-ag-commodities-feed-and-grain.md) | +0.9% | +1.7% |
| DXY | 2017-10-13 | [Commodities Make Gains as US Dollar Slips](https://feedsoft.ai/events/68392-commodities-make-gains-as-us-dollar-slips.md) | +0.1% | +1.1% |
| DXY | 2019-10-31 | [Gold gains as dollar weakens after Fed's interest rate cut](https://feedsoft.ai/events/56483-gold-gains-as-dollar-weakens-after-fed-s-interest-rate-cut.md) | -0.1% | +0.8% |
| DXY | 2025-03-07 | [US dollar sags after weaker-than-expected jobs data, Fed's Powell comments](https://feedsoft.ai/events/5802-us-dollar-sags-after-weaker-than-expected-jobs-data-fed-s-powell-comments.md) | -0.1% | -1.1% |
| DXY | 2020-01-21 | [Weakening Dollar Good News For Commodities - Passport to Wall Street](https://feedsoft.ai/events/54999-weakening-dollar-good-news-for-commodities-passport-to-wall-street.md) | +0.6% | +1.3% |
| CORN | 2017-03-17 | [Dollar crunched by cautious Fed, bonds and commodities cheer \| Daily FT](https://feedsoft.ai/events/71922-dollar-crunched-by-cautious-fed-bonds-and-commodities-cheer-daily-ft.md) | -1.8% | +0.6% |
| CORN | 2023-03-28 | [U.S. Dollar Weakens Against Basket of Peers as Banking Crisis Concerns Ease \| FXEmpire](https://feedsoft.ai/events/37057-u-s-dollar-weakens-against-basket-of-peers-as-banking-crisis-concerns-ease.md) | +0.2% | -1.0% |
| CORN | 2025-08-22 | [Canadian dollar rallies the most in three months as Fed’s Powell signals possible rate cut - The Globe and Mail](https://feedsoft.ai/events/23555-canadian-dollar-rallies-the-most-in-three-months-as-fed-s-powell-signals.md) | -0.6% | +7.6% |

## Sources

- globalbankingandfinance.com: https://www.globalbankingandfinance.com/dollar-struggles-as-powell-stays-dovish-course-pound-loonie-soar/

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