# The downturn in the dollar is not just about rates

> Commentary argues the dollar's recent decline reflects more than US interest rate expectations, with events outside the US, including the dollar's reserve currency role, playing a major part. The writer notes the dollar tends to underperform when the US economy is only okay relative to peers.

- Date: 2023-01-17 · published 2023-01-17T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37975-the-downturn-in-the-dollar-is-not-just-about-rates
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Non-rate drivers of dollar weakness suggest the currency move may persist, which would support dollar-priced feed commodities over the medium term.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-06-26 | [For the US dollar, the only way is not up \| articles \| ING THINK](https://feedsoft.ai/events/64713-for-the-us-dollar-the-only-way-is-not-up-articles-ing-think.md) | +0.8% | -0.1% |
| DXY | 2018-01-24 | [Why the dollar is weak](https://feedsoft.ai/events/67171-why-the-dollar-is-weak.md) | -0.8% | -0.1% |
| DXY | 2025-06-26 | [No love for the dollar as markets fret about Fed independence](https://feedsoft.ai/events/24413-no-love-for-the-dollar-as-markets-fret-about-fed-independence.md) | -0.9% | -0.6% |
| DXY | 2018-03-28 | [US dollar weighed down by trade and interest rate policies \| The National](https://feedsoft.ai/events/66189-us-dollar-weighed-down-by-trade-and-interest-rate-policies-the-national.md) | +0.2% | +1.4% |

## Sources

- ft.com: https://www.ft.com/content/4de92f95-9bd6-487d-822c-e3872f2f8da4

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