# US Dollar Index drops to 3-week lows near 98.40 ahead of US docket — Octa

> The US Dollar Index fell to near 98.40, a three-week low, on Friday after its worst day since August 2019. Markets priced a more than 97% chance of a Fed rate cut in March. New coronavirus cases outside China were rising.

- Date: 2020-02-28 · published 2020-02-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/54776-us-dollar-index-drops-to-3-week-lows-near-98-40-ahead-of-us-docket-octa
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker dollar on expected Fed easing tends to support dollar-priced commodities and US export competitiveness. Growth fears from the virus add downside pressure on energy and industrial demand.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-08-29 | [USD/CAD drops to near 1.3460 as US Dollar edges lower ahead of inflation test — Octa](https://feedsoft.ai/events/29036-usd-cad-drops-to-near-1-3460-as-us-dollar-edges-lower-ahead-of-inflation-test.md) | +0.5% | -0.7% |
| 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% |
| DXY | 2023-01-10 | [Dollar treads water near 7-month lows ahead of U.S. inflation data](https://feedsoft.ai/events/37697-dollar-treads-water-near-7-month-lows-ahead-of-u-s-inflation-data.md) | -0.8% | +0.2% |
| DXY | 2023-12-08 | [Dollar drops to one-week low against dong VnExpress News](https://feedsoft.ai/events/33028-dollar-drops-to-one-week-low-against-dong-vnexpress-news.md) | -0.9% | -1.1% |
| DXY | 2021-08-31 | [USD/CAD hangs near two-week lows, below 1.2600 mark ahead of Canadian GDP — Octa](https://feedsoft.ai/events/45795-usd-cad-hangs-near-two-week-lows-below-1-2600-mark-ahead-of-canadian-gdp-octa.md) | -0.2% | +0.9% |
| WTI | 2021-08-31 | [USD/CAD hangs near two-week lows, below 1.2600 mark ahead of Canadian GDP — Octa](https://feedsoft.ai/events/45795-usd-cad-hangs-near-two-week-lows-below-1-2600-mark-ahead-of-canadian-gdp-octa.md) | -1.2% | +8.9% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2026-07-28 | [Canadian dollar rebounds from two-week low ahead of Fed decision \| Reuters](https://feedsoft.ai/events/18590-canadian-dollar-rebounds-from-two-week-low-ahead-of-fed-decision-reuters.md) | +2.0% | +5.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/800312/

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