
The dollar was on track for its strongest weekly gain in two months, holding near a 19-month high as traders raised bets on a larger Federal Reserve rate hike next month. Two-year Treasury yields rose about 32 basis points this week to around 4.84%, and the euro hit its lowest level against the dollar since April 2025 near USD1.103.
The yen hovered around 160 per dollar, with traders watching for possible Japanese intervention.
A stronger dollar and higher US yields tend to weigh on dollar-denominated commodity prices and make US exports less competitive abroad, while a weaker yen and euro raise the local cost of imported feed. Currency moves of this size can shift buying patterns for grains, oilseeds and meals.
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.