# FX Daily: Unwinding the spurious dollar rally | articles | ING THINK

> ING says the dollar rallied across the board on January 23 without a clear catalyst, and expects the move to unwind. The analysts argue dollar rebounds are unsustainable while markets price large Fed cuts. They also note that peso underperformance may reflect rising odds of a Trump presidency.

- Date: 2024-01-24 · published 2024-01-24T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/32330-fx-daily-unwinding-the-spurious-dollar-rally-articles-ing-think
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A softer dollar tends to support dollar-priced commodities and lowers import costs for emerging-market feed buyers. The forecast of a dollar correction is a macro backdrop rather than a supply-side driver.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-04-28 | [FX Daily: The patient Fed and the “nervous” dollar \| articles \| ING THINK](https://feedsoft.ai/events/47788-fx-daily-the-patient-fed-and-the-nervous-dollar-articles-ing-think.md) | +0.3% | -1.0% |
| DXY | 2020-04-27 | [FX Daily: Falling interbank rates should drag the dollar lower \| articles \| ING THINK](https://feedsoft.ai/events/53819-fx-daily-falling-interbank-rates-should-drag-the-dollar-lower-articles-ing-think.md) | -0.8% | -1.5% |
| DXY | 2020-04-02 | [FX: In the dollar we do not trust \| articles \| ING THINK](https://feedsoft.ai/events/53574-fx-in-the-dollar-we-do-not-trust-articles-ing-think.md) | -0.5% | -0.8% |
| DXY | 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) | -0.9% | -0.2% |
| DXY | 2025-05-30 | [FX Daily: Softer US spending weighs on the dollar \| ING THINK](https://feedsoft.ai/events/24860-fx-daily-softer-us-spending-weighs-on-the-dollar-ing-think.md) | -0.5% | -1.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-unwinding-the-spurious-dollar-rally/

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