# Dollar Rallies and Gold Sinks as Fed Rate Cut Hopes Recede

> The dollar index rose 0.75% on June 7, 2024 after stronger-than-expected May payrolls and accelerating wages. Traders cut odds of a June rate cut to 1% and of a September cut to 50%. The euro fell after weak German data and a Bundesbank GDP downgrade.

- Date: 2024-06-07 · published 2024-06-07T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/8477-dollar-rallies-and-gold-sinks-as-fed-rate-cut-hopes-recede
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Reduced expectations for Fed easing support the dollar and weigh on dollar-denominated commodities. Euro weakness also makes US exports more expensive for European buyers.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2024-06-07 | 1 | +1.0% | 3.8 | Stronger payrolls and accelerating wages cut Fed rate-cut odds, while weak German data weighed on the euro, adding to dollar strength. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-07-30 | [Canadian Dollar recedes after Fed rate hold — Octa](https://feedsoft.ai/events/23976-canadian-dollar-recedes-after-fed-rate-hold-octa.md) | -0.0% | -0.4% |
| DXY | 2025-03-20 | [Dollar rises as Fed sees no rush to cut rates](https://feedsoft.ai/events/25773-dollar-rises-as-fed-sees-no-rush-to-cut-rates.md) | +0.3% | -2.0% |
| DXY | 2026-03-24 | [Gold loses over 1% as dollar firms, Fed cut hopes fade \| MarketScreener UAE Emirates](https://feedsoft.ai/events/20075-gold-loses-over-1-as-dollar-firms-fed-cut-hopes-fade-marketscreener-uae-emirates.md) | +1.1% | -1.4% |
| DXY | 2025-07-31 | [Interest rates: Aussie dollar feels the chill as Federal Reserve cools rate cut hopes](https://feedsoft.ai/events/24036-interest-rates-aussie-dollar-feels-the-chill-as-federal-reserve-cools-rate-cut.md) | -0.7% | -0.6% |
| DXY | 2023-12-15 | [Dollar rebounds as Fed's Williams talks down rate cuts](https://feedsoft.ai/events/8713-dollar-rebounds-as-fed-s-williams-talks-down-rate-cuts.md) | -0.2% | +0.8% |
| EURUSD | 2020-09-23 | [Dollar rallies as Fed, COVID-19 and recovery worries swirl \| Financial Post](https://feedsoft.ai/events/7695-dollar-rallies-as-fed-covid-19-and-recovery-worries-swirl-financial-post.md) | +0.1% | +1.4% |
| EURUSD | 2016-12-15 | [Dollar charges higher after Fed hikes rates](https://feedsoft.ai/events/6465-dollar-charges-higher-after-fed-hikes-rates.md) | -2.2% | -0.3% |
| EURUSD | 2022-08-31 | [‘King dollar’ surges as Fed presses ahead with rate rises](https://feedsoft.ai/events/40216-king-dollar-surges-as-fed-presses-ahead-with-rate-rises.md) | -0.8% | -3.4% |

## Sources

- barchart.com: https://www.barchart.com/story/news/26694853/dollar-rallies-and-gold-sinks-as-fed-rate-cut-hopes-recede

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