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The dollar hit a low of 92.786 against a basket of six currencies, its weakest since May 2016, and touched 110.22 yen. The moves followed month-end portfolio adjustments, euro zone inflation data and the departure of White House communications director Anthony Scaramucci.
Doubts about Trump's pro-growth agenda, including tax reform, also weighed on the dollar.
Dollar weakness supports dollar-priced grain and oilseed prices and improves US export competitiveness, while political uncertainty adds volatility to currency-driven trade flows.
babypips.comReutersJul 31, 2017After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
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.
