# ING Says Dollar to Take Cue from Oil Prices If Fed Holds Rate | Financial Post

> ING expects the dollar to fall in line with oil prices if the Federal Reserve holds rates on July 29. The Bloomberg dollar gauge had been nearly unchanged and was decoupling from oil, with its 60-day correlation to Brent at its lowest since March. Swaps priced roughly a 34% chance of a hike, and markets were fully pricing a September hike.

- Date: 2026-07-29 · published 2026-07-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/18262-ing-says-dollar-to-take-cue-from-oil-prices-if-fed-holds-rate-financial-post
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

If the dollar tracks lower oil prices after a Fed hold, dollar-denominated commodities could gain support. The reconnection to oil is uncertain, so the effect on prices is limited.

## Read by commodity

- DXY: bearish ▼
- WTI: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-02-02 | [Copper prices rise as Fed messaging weakens the dollar \| Financial Post](https://feedsoft.ai/events/37237-copper-prices-rise-as-fed-messaging-weakens-the-dollar-financial-post.md) | +1.3% | +2.1% |
| DXY | 2020-02-25 | [U.S. dollar falls as expectations of a Fed rate cut rise \| Financial Post](https://feedsoft.ai/events/54775-u-s-dollar-falls-as-expectations-of-a-fed-rate-cut-rise-financial-post.md) | -0.5% | +7.4% |
| DXY | 2020-10-09 | [Dollar drifts downward as investors cling to stimulus hopes \| Financial Post](https://feedsoft.ai/events/50560-dollar-drifts-downward-as-investors-cling-to-stimulus-hopes-financial-post.md) | -0.3% | -1.9% |
| DXY | 2020-03-05 | [Dollar surrenders to euro and yen as rate supremacy ends \| Financial Post](https://feedsoft.ai/events/7150-dollar-surrenders-to-euro-and-yen-as-rate-supremacy-ends-financial-post.md) | +1.3% | +6.0% |
| DXY | 2020-04-30 | [Gold rebounds on Fed's rate decision, ECB stimulus hopes \| Financial Post](https://feedsoft.ai/events/53567-gold-rebounds-on-fed-s-rate-decision-ecb-stimulus-hopes-financial-post.md) | +0.7% | -1.4% |
| WTI | 2017-03-15 | [Will A Fed Rate Hike Boost The Price Of Oil? \| Investing.com](https://feedsoft.ai/events/71924-will-a-fed-rate-hike-boost-the-price-of-oil-investing-com.md) | -0.6% | +12.6% |
| WTI | 2019-07-31 | [Posthaste: Some oilsands mines breakeven at $10, S&P cuts Canadian GDP forecast and why the Fed is cutting rates - Financial Post](https://feedsoft.ai/events/58340-posthaste-some-oilsands-mines-breakeven-at-10-s-and-p-cuts-canadian-gdp.md) | -7.6% | -5.3% |
| WTI | 2017-04-10 | [OPEC's original cut 'just missed paving the road to hell', but extension needed for oil to hit $60: Citi \| Financial Post](https://feedsoft.ai/events/71675-opec-s-original-cut-just-missed-paving-the-road-to-hell-but-extension-needed.md) | +0.7% | -11.1% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/ing-says-dollar-to-take-cue-from-oil-prices-if-fed-holds-rate

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