The US dollar is consolidating at new highs above 103 on the DXY index, supported by a sharp rise in 2-year Treasury yields and rising risk aversion tied to tech weakness and a Microsoft outage. MUFG notes Japan's finance minister warned against one-sided FX moves, and the base case is a 25bp Fed hike.
Higher US yields and a strong dollar raise the cost of dollar-priced feed inputs for importers, while weakening high-beta G10 and emerging currencies that could curb their buying power.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), 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.