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The dollar hit a three-week low on Monday after Federal Reserve officials signalled that the central bank is nearing the end of its tightening cycle. Market expectations for rate hikes were reinforced.
Expectations of an end to Fed hikes reduce the dollar's yield advantage and tend to support dollar-denominated commodities. The move is modest and primarily reflects Fed rate expectations.
reuters.comGertrude Chavez-DreyfussJul 10, 2023After 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.
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.
