# Dollar drops after Fed launches new loan program

> The dollar fell broadly after the Federal Reserve launched a $2.3 trillion lending effort aimed at local governments and small and mid-sized businesses. The announcement came as US jobless claims topped 6 million for a second straight week.

- Date: 2020-04-09 · published 2020-04-09T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/53817-dollar-drops-after-fed-launches-new-loan-program
- 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 supports US export competitiveness and dollar-priced commodities, which can lift feed grain and oilseed prices. The Fed's aggressive liquidity support also points to a continued easy-money backdrop.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-12-01 | [US dollar plunges in Vietnam after new Fed signal](https://feedsoft.ai/events/38538-us-dollar-plunges-in-vietnam-after-new-fed-signal.md) | -0.6% | -1.5% |
| DXY | 2018-11-28 | [Dollar drops as Fed's Powell says rates near neutral](https://feedsoft.ai/events/62245-dollar-drops-as-fed-s-powell-says-rates-near-neutral.md) | -0.8% | -0.8% |
| DXY | 2021-02-01 | [Dollar inches lower after Fed's Powell says not hiking rates anytime soon](https://feedsoft.ai/events/49342-dollar-inches-lower-after-fed-s-powell-says-not-hiking-rates-anytime-soon.md) | +0.3% | +0.5% |
| DXY | 2017-12-14 | [Dollar nurses losses after Fed keeps outlook unchanged; ECB eyed \| Gold Eagle](https://feedsoft.ai/events/67654-dollar-nurses-losses-after-fed-keeps-outlook-unchanged-ecb-eyed-gold-eagle.md) | -0.4% | -2.1% |
| DXY | 2023-07-10 | [US dollar drops to three-week low as Fed rate hikes nearly done](https://feedsoft.ai/events/9980-us-dollar-drops-to-three-week-low-as-fed-rate-hikes-nearly-done.md) | -1.7% | -0.2% |
| CORN | 2023-03-13 | [Dollar slides as Fed rate hike outlook tumbles after SVB collapse](https://feedsoft.ai/events/37051-dollar-slides-as-fed-rate-hike-outlook-tumbles-after-svb-collapse.md) | +0.8% | +0.8% |
| CORN | 2019-01-30 | [U.S. Dollar Dives after Federal Reserve Moves to the Sidelines](https://feedsoft.ai/events/61290-u-s-dollar-dives-after-federal-reserve-moves-to-the-sidelines.md) | +0.2% | -0.3% |
| CORN | 2023-11-03 | [US dollar tumbles to six-week low after soft jobs data](https://feedsoft.ai/events/11456-us-dollar-tumbles-to-six-week-low-after-soft-jobs-data.md) | +1.0% | -1.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/04/09/forex-markets-coronavirus-pandemic-in-focus.html

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