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ING expects the dollar to stay firm in the short term after Fed Chair Powell's hawkish Senate testimony triggered a dollar rally. ING still expects a broad-based dollar decline over the longer run, as markets may be underestimating US hard-landing risks.
A firm near-term dollar pressures dollar-priced commodities and US export competitiveness, while the expected longer-run decline would support them later.
octabroker.comMar 8, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
