# Re-assessing the commodity-FX relation | articles | ING THINK

> ING analysts report that commodities rallied strongly in the first two months of 2021, led by oil, and that G10 commodity currencies have outperformed EM commodity currencies. They argue that long-term undervaluation could help the Russian rouble benefit from a second-half oil rally, while a decline in iron ore should weigh on the Australian dollar more than the Brazilian real. A continued copper rally should support the Chilean peso.

- Date: 2021-03-03 · published 2021-03-03T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/12207-re-assessing-the-commodity-fx-relation-articles-ing-think
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Commodity currencies move with commodity export prices, so a second-half oil rally could strengthen petro-currencies and affect input costs for feed and biofuel supply chains. The analysis is an outlook rather than a new supply or demand event, so the direct effect on feed prices is limited.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-12 | [The Commodities Feed: All eyes on US CPI \| articles \| ING THINK](https://feedsoft.ai/events/36345-the-commodities-feed-all-eyes-on-us-cpi-articles-ing-think.md) | -0.8% | -9.6% |
| WTI | 2025-05-08 | [The Commodities Feed: Markets disappointed as Fed remains on hold \| articles \| ING THINK](https://feedsoft.ai/events/24575-the-commodities-feed-markets-disappointed-as-fed-remains-on-hold-articles-ing.md) | +8.6% | +8.2% |
| WTI | 2021-05-06 | [Commodities are buoyant but supply concerns are still a worry \| articles \| ING THINK](https://feedsoft.ai/events/7728-commodities-are-buoyant-but-supply-concerns-are-still-a-worry-articles-ing-think.md) | +0.6% | +4.8% |
| WTI | 2019-06-20 | [The Commodities Feed: Dovish Fed sees commodities rally \| snaps \| ING THINK](https://feedsoft.ai/events/58509-the-commodities-feed-dovish-fed-sees-commodities-rally-snaps-ing-think.md) | +10.2% | +2.6% |
| WTI | 2019-09-17 | [FX: Mideast tensions make USD the go-to safe haven \| articles \| ING THINK](https://feedsoft.ai/events/57305-fx-mideast-tensions-make-usd-the-go-to-safe-haven-articles-ing-think.md) | -6.9% | -15.0% |

## Sources

- think.ing.com: https://think.ing.com/articles/re-assessing-the-commodity-fx-relation/

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