# FX Markets: Pressure switches to Europe | articles | ING THINK

> Credit Suisse shares fell about 23% after Saudi National Bank, a top investor, ruled out further capital injection. European bank stocks dropped and money market stress indicators widened, with the euro softening as the dollar gained.

- Date: 2023-03-15 · published 2023-03-15T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/10079-fx-markets-pressure-switches-to-europe-articles-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Rising funding stress and a firmer dollar tighten global financial conditions, which can weigh on commodity prices and on importing countries' currencies that finance feed purchases.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2023-03-15 | 1 | -1.7% | -3.5 | Saudi National Bank ruling out more capital for Credit Suisse hit European bank stocks and widened money-market stress, softening the euro as the dollar gained. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-12-03 | [FX Daily: BRICS currencies under pressure \| articles \| ING THINK](https://feedsoft.ai/events/12462-fx-daily-brics-currencies-under-pressure-articles-ing-think.md) | -0.4% | +1.7% |
| DXY | 2024-02-29 | [FX Daily: US and eurozone inflation may endorse market pricing \| articles \| ING THINK](https://feedsoft.ai/events/31880-fx-daily-us-and-eurozone-inflation-may-endorse-market-pricing-articles-ing-think.md) | -0.5% | -0.1% |
| DXY | 2024-11-21 | [FX Daily: Soft euro story dominates \| articles \| ING THINK](https://feedsoft.ai/events/27713-fx-daily-soft-euro-story-dominates-articles-ing-think.md) | -0.0% | +1.4% |
| DXY | 2024-02-05 | [FX Daily: Flip Flop \| articles \| ING THINK](https://feedsoft.ai/events/31892-fx-daily-flip-flop-articles-ing-think.md) | +0.1% | -0.0% |
| DXY | 2019-05-08 | [EM FX: Floating in a sea of red \| articles \| ING THINK](https://feedsoft.ai/events/10432-em-fx-floating-in-a-sea-of-red-articles-ing-think.md) | +0.3% | +0.4% |
| EURUSD | 2020-03-12 | [ECB & EUR: Pouring oil into the fire \| articles \| ING THINK](https://feedsoft.ai/events/54328-ecb-and-eur-pouring-oil-into-the-fire-articles-ing-think.md) | -4.0% | -3.7% |
| EURUSD | 2024-11-21 | [FX Daily: Soft euro story dominates \| articles \| ING THINK](https://feedsoft.ai/events/27713-fx-daily-soft-euro-story-dominates-articles-ing-think.md) | +0.5% | -1.6% |
| EURUSD | 2019-11-28 | [EUR: The funding currency \| articles \| ING THINK](https://feedsoft.ai/events/56282-eur-the-funding-currency-articles-ing-think.md) | +0.9% | +1.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-markets-pressure-switches-to-europe/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.