# Fed-fuelled dollar forces rival currencies onto back foot

> The euro was flat near $1.19 against the dollar and was on course for its worst week since October, with a 1.6% weekly fall. The shift followed Fed forecasts showing 13 of 18 policymakers expecting rate hikes in 2023, up from six previously.

- Date: 2021-06-18 · published 2021-06-18T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/6128-fed-fuelled-dollar-forces-rival-currencies-onto-back-foot
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Earlier expected Fed tightening lifts the dollar against major currencies, which tends to pressure dollar-denominated grain and meal prices and weakens US export competitiveness.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-02-01 | [Dollar rises as investors back away from riskier currencies, Fed leaves rates unchanged](https://feedsoft.ai/events/49066-dollar-rises-as-investors-back-away-from-riskier-currencies-fed-leaves-rates.md) | +0.3% | +0.5% |
| DXY | 2016-11-25 | [Dollar pulls back after skittling  world currencies](https://feedsoft.ai/events/74038-dollar-pulls-back-after-skittling-world-currencies.md) | -0.3% | +0.7% |
| DXY | 2023-06-29 | [Asian currencies edge lower as US dollar jumps on hawkish Fed](https://feedsoft.ai/events/35726-asian-currencies-edge-lower-as-us-dollar-jumps-on-hawkish-fed.md) | +0.4% | -1.2% |
| DXY | 2025-09-17 | [Dollar Boost From Fed to Weigh on Asian Currencies, Analysts Say - Bloomberg](https://feedsoft.ai/events/23086-dollar-boost-from-fed-to-weigh-on-asian-currencies-analysts-say-bloomberg.md) | +0.4% | +1.5% |
| DXY | 2021-12-01 | [Dollar steadies, risk currencies recover from omicron-driven drop](https://feedsoft.ai/events/43797-dollar-steadies-risk-currencies-recover-from-omicron-driven-drop.md) | -0.3% | -0.7% |
| EURUSD | 2021-12-01 | [Dollar steadies, risk currencies recover from omicron-driven drop](https://feedsoft.ai/events/43797-dollar-steadies-risk-currencies-recover-from-omicron-driven-drop.md) | -0.4% | +0.4% |
| EURUSD | 2022-10-05 | [U.S. dollar rallied Wednesday. What about other currencies?](https://feedsoft.ai/events/7985-u-s-dollar-rallied-wednesday-what-about-other-currencies.md) | -2.9% | -1.0% |
| EURUSD | 2022-10-03 | [Dollar up on euro as quarter ends, commodity led currencies sink - Business & Finance - Business Recorder](https://feedsoft.ai/events/9336-dollar-up-on-euro-as-quarter-ends-commodity-led-currencies-sink-business-and.md) | +0.0% | +1.0% |

## Sources

- reuters.com: https://www.reuters.com/business/fed-fuelled-dollar-forces-rival-currencies-onto-back-foot-2021-06-18/

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