# FX Daily: The big unwinding | articles | ING THINK

> ING reports that carry trades are being rapidly unwound as FX volatility rises, with Fed Chair Powell acknowledging slower inflation progress and hinting at rate cut delays. The Brazilian real, Mexican peso, Indonesian rupiah and Polish zloty have dropped between 2% and 3.1% since the start of the week. The dollar has been supported by the shift in rate expectations.

- Date: 2024-04-17 · published 2024-04-17T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30940-fx-daily-the-big-unwinding-articles-ing-think
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A sharp fall in the real and peso raises the cost of imported inputs for Latin American producers and can push them to sell soybeans, corn and meal faster in dollar terms, which pressures export prices.

## Read by commodity

- DXY: bullish ▲
- USDBRL: bullish ▲
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-02-05 | [FX Daily: Flip Flop \| articles \| ING THINK](https://feedsoft.ai/events/31892-fx-daily-flip-flop-articles-ing-think.md) | -4.6% | -6.1% |
| CORN | 2023-11-15 | [FX Daily: Dollar bears may have jumped the gun \| articles \| ING THINK](https://feedsoft.ai/events/10101-fx-daily-dollar-bears-may-have-jumped-the-gun-articles-ing-think.md) | -0.8% | -3.1% |
| CORN | 2022-08-30 | [FX Daily: High bar for the Fed pivot leaves dollar in ascendancy \| articles \| ING THINK](https://feedsoft.ai/events/40251-fx-daily-high-bar-for-the-fed-pivot-leaves-dollar-in-ascendancy-articles-ing.md) | -3.3% | -4.2% |
| CORN | 2023-09-28 | [FX Daily: Perfect storm drives dollar stronger still \| articles \| ING THINK](https://feedsoft.ai/events/34306-fx-daily-perfect-storm-drives-dollar-stronger-still-articles-ing-think.md) | +1.1% | +1.7% |
| CORN | 2023-11-03 | [FX: Dollar to defy seasonal trends \| articles \| ING THINK](https://feedsoft.ai/events/11460-fx-dollar-to-defy-seasonal-trends-articles-ing-think.md) | +1.0% | -1.0% |
| SOY | 2024-02-05 | [FX Daily: Flip Flop \| articles \| ING THINK](https://feedsoft.ai/events/31892-fx-daily-flip-flop-articles-ing-think.md) | -0.4% | -3.5% |
| SOY | 2023-11-15 | [FX Daily: Dollar bears may have jumped the gun \| articles \| ING THINK](https://feedsoft.ai/events/10101-fx-daily-dollar-bears-may-have-jumped-the-gun-articles-ing-think.md) | +0.6% | -4.5% |
| SOY | 2022-08-30 | [FX Daily: High bar for the Fed pivot leaves dollar in ascendancy \| articles \| ING THINK](https://feedsoft.ai/events/40251-fx-daily-high-bar-for-the-fed-pivot-leaves-dollar-in-ascendancy-articles-ing.md) | -2.9% | -8.3% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-the-big-unwinding/

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