# FX Daily: Hawkish drift | ING THINK

> Central banks in Brazil and Canada joined a global hawkish drift in policy, with pressure building on the RBA. Commodity currencies softened as energy and raw material prices fell on Iran nuclear talks, higher crude inventories and Russian gas storage instructions.

- Date: 2021-10-28 · published 2021-10-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/7167-fx-daily-hawkish-drift-ing-think
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Falling energy prices reduce biofuel and feedstock demand signals, while a stronger policy-driven currency mix affects the cost of imported feed ingredients.

## Read by commodity

- DXY: neutral
- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | -20.3% | -27.5% |
| WTI | 2024-12-19 | [The Commodities Feed: Fed comments weigh on the complex \| ING THINK](https://feedsoft.ai/events/26850-the-commodities-feed-fed-comments-weigh-on-the-complex-ing-think.md) | -0.8% | +10.8% |
| WTI | 2020-09-23 | [Gold and Silver Hit by Hawkish Fed Boost to Dollar - Markets Insider](https://feedsoft.ai/events/51033-gold-and-silver-hit-by-hawkish-fed-boost-to-dollar-markets-insider.md) | -1.1% | +4.6% |
| WTI | 2021-08-27 | [The Commodities Feed: USD holds the market back \| snaps \| ING THINK](https://feedsoft.ai/events/45481-the-commodities-feed-usd-holds-the-market-back-snaps-ing-think.md) | +3.9% | +9.9% |
| WTI | 2021-09-21 | [The Commodities Feed: Risk-off move hits the complex \| snaps \| ING THINK](https://feedsoft.ai/events/6381-the-commodities-feed-risk-off-move-hits-the-complex-snaps-ing-think.md) | +7.3% | +17.3% |
| DXY | 2020-10-26 | [FX Daily: Trading the hemispheres \| ING THINK](https://feedsoft.ai/events/50879-fx-daily-trading-the-hemispheres-ing-think.md) | +1.0% | -1.1% |
| DXY | 2024-08-30 | [FX Daily: US and eurozone inflation in focus \| articles \| ING THINK](https://feedsoft.ai/events/29011-fx-daily-us-and-eurozone-inflation-in-focus-articles-ing-think.md) | +0.2% | -0.9% |
| DXY | 2023-11-30 | [FX Daily: Dollar rebound increasingly hinges on activity data \| articles \| ING THINK](https://feedsoft.ai/events/33381-fx-daily-dollar-rebound-increasingly-hinges-on-activity-data-articles-ing-think.md) | +0.6% | -1.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-hawkish-drift/

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