# Dollar surges, set for biggest one-day rise since March 2023 against peers | World News - Business Standard

> The dollar index rose 1.4% to 104.85, heading for its biggest one-day gain against major peers since March 2023, after Trump appeared set to win the US presidential election. The dollar also jumped over 3% against the Mexican peso and rose as much as 1.3% against the yuan offshore.

- Date: 2024-11-06 · published 2024-11-06T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6859-dollar-surges-set-for-biggest-one-day-rise-since-march-2023-against-peers-world
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A stronger dollar on expectations of looser fiscal policy and higher yields makes US commodities pricier for foreign buyers and tends to pressure dollar-denominated grain prices. Currency moves in Mexico and China also affect demand from key feed importers.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2024-11-06 | 1 | +0.9% | 3.6 | Directly reports the dollar's biggest one-day gain since March 2023 on Trump's election win, matching the 11/6 broad dollar move. |
| USDCNY | 2024-11-06 | 1 | +1.0% | 4.7 | Dollar index posted its biggest one-day gain since March 2023 and the dollar rose as much as 1.3% against the offshore yuan, matching the magnitude and timing of the move. |
| DXY | 2024-11-13 | 5 | +1.9% | 2.8 | Trump's election win triggered the dollar's biggest one-day gain since March 2023 (index +1.4%), accounting for much of the 5-day move. |
| USDCNY | 2024-11-12 | 5 | +1.9% | 4.8 | The dollar index posted its biggest one-day gain since March 2023 and the dollar rose as much as 1.3% against offshore yuan, directly accounting for much of the 1.87% move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-08-31 | [Rupee outperforms most EM peers as dollar surges to a 20-year high \| Money & Forex Markets - Business Standard](https://feedsoft.ai/events/40315-rupee-outperforms-most-em-peers-as-dollar-surges-to-a-20-year-high-money-and.md) | +0.9% | +3.6% |
| DXY | 2026-06-30 | [Gold heads for biggest monthly decline since 2008 on rate hike fears \| Commodity News - Business Standard](https://feedsoft.ai/events/18711-gold-heads-for-biggest-monthly-decline-since-2008-on-rate-hike-fears-commodity.md) | -0.1% | -0.3% |
| DXY | 2026-08-31 | [Dollar holds near two-week high as bets rise on September Fed rate hike \| Markets News - Business Standard](https://feedsoft.ai/events/18081-dollar-holds-near-two-week-high-as-bets-rise-on-september-fed-rate-hike-markets.md) | -0.6% | +1.6% |
| DXY | 2023-06-30 | [Importers must hedge near-term exposures on dollar rally risk, say analysts \| News - Business Standard](https://feedsoft.ai/events/35780-importers-must-hedge-near-term-exposures-on-dollar-rally-risk-say-analysts-news.md) | -0.4% | -1.5% |
| DXY | 2018-04-27 | [Dollar set for best weekly gain since Nov 2016 on yield bets - The HinduBusinessLine](https://feedsoft.ai/events/65734-dollar-set-for-best-weekly-gain-since-nov-2016-on-yield-bets-the.md) | +0.7% | +1.9% |
| USDCNY | 2024-01-19 | [China’s yuan set to weaken for a third week against rebounding dollar - Markets - Business Recorder](https://feedsoft.ai/events/32358-china-s-yuan-set-to-weaken-for-a-third-week-against-rebounding-dollar-markets.md) | -0.4% | -0.0% |
| USDCNY | 2021-03-31 | [Yuan off lows on upbeat PMI data, but set for worst month since Aug 2019 - Markets - Business Recorder](https://feedsoft.ai/events/48331-yuan-off-lows-on-upbeat-pmi-data-but-set-for-worst-month-since-aug-2019-markets.md) | -0.5% | -1.3% |
| USDCNY | 2024-10-31 | [RBI helps rupee outperform peers in month marred by US election anxiety \| Finance News - Business Standard](https://feedsoft.ai/events/28160-rbi-helps-rupee-outperform-peers-in-month-marred-by-us-election-anxiety-finance.md) | +0.8% | +1.7% |

## Sources

- business-standard.com: https://www.business-standard.com/world-news/dollar-surges-set-for-biggest-one-day-rise-since-march-2023-against-peers-124110600996_1.html

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