# FX Daily: The Fed disrupting the calm | articles | ING THINK

> ING reported that the Fed's more hawkish projections, including about 50bp of tightening expected in 2023, disrupted calm markets and lifted the dollar across G10 currencies. Markets began to expect that quantitative easing tapering could start earlier and conclude faster.

- Date: 2021-06-17 · published 2021-06-17T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/6129-fx-daily-the-fed-disrupting-the-calm-articles-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Expectations of earlier Fed tightening and tapering support the dollar, which weighs on dollar-priced commodities and can reduce foreign buying of US feed exports.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2021-06-17 | 1 | -1.7% | -5.4 | ING notes the Fed's hawkish projections (about 50bp of tightening in 2023) lifted the dollar across G10, directly driving EUR/USD lower on 17 June. |
| DXY | 2021-06-17 | 1 | +1.3% | 5.6 | ING describes the hawkish Fed projections lifting the dollar across G10 currencies, which matches the broad dollar gain. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| 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 | 2024-04-17 | [FX Daily: The big unwinding \| articles \| ING THINK](https://feedsoft.ai/events/30940-fx-daily-the-big-unwinding-articles-ing-think.md) | -0.3% | -1.0% |
| DXY | 2024-04-12 | [FX Daily: From Fed dependence to Fed divergence \| articles \| ING THINK](https://feedsoft.ai/events/9972-fx-daily-from-fed-dependence-to-fed-divergence-articles-ing-think.md) | +1.1% | +0.5% |
| 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% |
| EURUSD | 2024-04-12 | [FX Daily: From Fed dependence to Fed divergence \| articles \| ING THINK](https://feedsoft.ai/events/9972-fx-daily-from-fed-dependence-to-fed-divergence-articles-ing-think.md) | -0.6% | +0.5% |
| 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 | 2023-10-25 | [FX Daily: Hawks versus data, part one \| articles \| ING THINK](https://feedsoft.ai/events/33851-fx-daily-hawks-versus-data-part-one-articles-ing-think.md) | -0.3% | +2.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-thursday/

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