◂ Event Timeline

Apr 22, 2022MACROUS

U.S. dollar hits more than 2-year high on aggressive Fed hike outlook

The dollar rose to a more than two-year high after Federal Reserve comments suggested a half-point rate hike at the next policy meeting and further consecutive hikes this year.

WHY IT MATTERS

Expectations of aggressive US tightening strengthen the dollar, which tends to reduce dollar-denominated commodity prices and make US exports less competitive.

AFFECTSDXY▲

SOURCE
reuters.comGertrude Chavez-DreyfussApr 22, 2022

Price reaction & history

DXY▲bullishSO FAR1d +0.7%5d +2.5%20d +2.0%

After 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.

Oct 11, 2021Forex markets: Dollar hits more than 2-year high against yen-0.5%
Jun 24, 2026U.S. dollar rises to 13-month high on Fed rate hike views-0.1%
Apr 28, 2022Gold hits lowest level in more than 2 months on lofty dollar, imminent U.S. rate hike+0.1%
Jun 19, 2026Dollar index hits 13-month high on hawkish Fed, shaky Middle East outlook+0.4%
Dec 16, 2016Dollar near 14-year highs after Fed tips more rate hikes+0.0%

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.

Linked price moves

DXY+2.5%5 periods to Apr 28, 20224.3σ
Powell's signal of a 50bp hike and consecutive further hikes lifted the dollar to a 2-year high at the start of the 5-day window (sentiment/rate differential).

DXY · GP ▸

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