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The US dollar index fell to lows near 103.20 after July nonfarm payrolls rose only 114K, below the 175K expected. Traders priced about a 90% chance of a half-point Fed cut in September.
Expectations of earlier and larger Fed cuts weaken the dollar, which typically supports dollar-denominated commodity prices and can make US exports more competitive.
fxstreet.comPatricio MartínAug 2, 2024After 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 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% 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.
