# FX Daily: Perfect storm drives dollar stronger still | articles | ING THINK

> ING says the dollar keeps grinding higher, supported by repricing of the long-term Fed funds rate, high oil prices and weakness in the European and Chinese economies. The dollar has rallied about 7% from its mid-July low.

- Date: 2023-09-28 · published 2023-09-28T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34306-fx-daily-perfect-storm-drives-dollar-stronger-still-articles-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Sustained dollar strength lowers the US dollar value of commodities priced in weaker currencies and raises import costs for feed buyers in Europe and Asia, weighing on US export demand.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-11-21 | [FX Daily: Soft euro story dominates \| articles \| ING THINK](https://feedsoft.ai/events/27713-fx-daily-soft-euro-story-dominates-articles-ing-think.md) | -0.0% | +1.4% |
| DXY | 2024-02-05 | [FX Daily: Flip Flop \| articles \| ING THINK](https://feedsoft.ai/events/31892-fx-daily-flip-flop-articles-ing-think.md) | +0.1% | -0.0% |
| DXY | 2021-09-28 | [FX Daily: Dollar getting a lift from the short end \| articles \| ING THINK](https://feedsoft.ai/events/45257-fx-daily-dollar-getting-a-lift-from-the-short-end-articles-ing-think.md) | +0.5% | -0.1% |
| DXY | 2023-10-27 | [FX Daily: Stark growth gap makes the dollar even harder to sell \| articles \| ING THINK](https://feedsoft.ai/events/33842-fx-daily-stark-growth-gap-makes-the-dollar-even-harder-to-sell-articles-ing.md) | -0.9% | -3.1% |
| DXY | 2020-03-13 | [FX daily: Dislocation, dislocation, dislocation \| articles \| ING THINK](https://feedsoft.ai/events/6276-fx-daily-dislocation-dislocation-dislocation-articles-ing-think.md) | +3.8% | +1.6% |
| EURUSD | 2024-11-21 | [FX Daily: Soft euro story dominates \| articles \| ING THINK](https://feedsoft.ai/events/27713-fx-daily-soft-euro-story-dominates-articles-ing-think.md) | +0.5% | -1.6% |
| EURUSD | 2023-10-27 | [FX Daily: Stark growth gap makes the dollar even harder to sell \| articles \| ING THINK](https://feedsoft.ai/events/33842-fx-daily-stark-growth-gap-makes-the-dollar-even-harder-to-sell-articles-ing.md) | +0.8% | +3.8% |
| EURUSD | 2022-04-28 | [FX Daily: Dollar boom \| ING THINK](https://feedsoft.ai/events/7376-fx-daily-dollar-boom-ing-think.md) | -0.1% | +1.0% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-perfect-storm-drives-dollar-stronger-still/

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