# Thinner air

> Bank of Singapore argues the US dollar's upside has stalled since early October despite high US yields and resilient US activity data. It notes the Federal Reserve is comfortable letting higher bond yields tighten conditions, and that Asian central banks are resisting dollar strength.

- Date: 2023-11-02 · published 2023-11-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/11459-thinner-air
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stalled dollar with policy resistance in Asia suggests limited near-term dollar support for dollar-priced feed commodities, with reversal risk if US data softens.

## Read by commodity

- DXY: neutral
- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-01-01 | [Sterling edges up in holiday-thinned trading](https://feedsoft.ai/events/27200-sterling-edges-up-in-holiday-thinned-trading.md) | -0.2% | -0.9% |
| DXY | 2017-01-08 | [China and the Fed: how different this time?](https://feedsoft.ai/events/10768-china-and-the-fed-how-different-this-time.md) | -0.3% | -1.6% |
| DXY | 2021-10-28 | [FX Daily: Hawkish drift \| ING THINK](https://feedsoft.ai/events/7167-fx-daily-hawkish-drift-ing-think.md) | +0.6% | +2.5% |
| DXY | 2024-03-01 | [FX: A dollar decline is delayed, not deterred \| ING THINK](https://feedsoft.ai/events/31396-fx-a-dollar-decline-is-delayed-not-deterred-ing-think.md) | -0.8% | -0.1% |
| DXY | 2018-07-11 | [JPY: Why the yen’s at a crossroads \| articles \| ING THINK](https://feedsoft.ai/events/64287-jpy-why-the-yen-s-at-a-crossroads-articles-ing-think.md) | +0.5% | +0.4% |
| USDCNY | 2018-10-07 | [Vietnam: The Winner from US-China Trade Turmoil - Prasenjit K. Basu](https://feedsoft.ai/events/62844-vietnam-the-winner-from-us-china-trade-turmoil-prasenjit-k-basu.md) | +0.7% | +0.8% |
| USDCNY | 2020-10-26 | [FX Daily: Trading the hemispheres \| ING THINK](https://feedsoft.ai/events/50879-fx-daily-trading-the-hemispheres-ing-think.md) | +0.1% | -1.5% |
| USDCNY | 2025-01-20 | [CNY at a glance: A surprise post-US election outperformer \| ING THINK](https://feedsoft.ai/events/9597-cny-at-a-glance-a-surprise-post-us-election-outperformer-ing-think.md) | -1.0% | -0.6% |

## Sources

- bankofsingapore.com: https://www.bankofsingapore.com/research/fx-focus-thinner-air.html

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