The dollar extended gains after hotter-than-expected October CPI data and hawkish Fed comments, with markets pricing a December 25 basis point hike. Traders were positioning ahead of the October PPI release, where a slowdown in the headline monthly rate to 0.4% was expected.
USD/JPY tested 160.00 amid diverging Fed and Bank of Japan expectations.
Expectations of tighter US policy support the dollar, which tends to pressure dollar-priced grain, oilseed and meal values. A hot PPI print would likely extend that pressure into next week.
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.