# FX Daily: Dollar boom | ING THINK

> The dollar is near its highest levels since 2002 on a trade-weighted basis, with the DXY close to its 2016 peak. Drivers include an aggressive expected Fed tightening cycle, the war in Europe, risk of a Russian gas cut-off, and a record US goods trade deficit of $125bn for March. USD/CNY is trading above 6.60.

- Date: 2022-04-28 · published 2022-04-28T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7376-fx-daily-dollar-boom-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A sustained dollar rally pressures US export competitiveness for grains and meals and raises import costs for feed buyers in euro and emerging-market currencies. The record trade deficit signals strong import demand that could shift trade flows.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼
- USDCNY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2022-04-28 | 1 | +1.0% | 4.2 | ING's April 28 note describes a broad dollar surge on aggressive Fed expectations and USD/CNY trading above 6.60, directly matching the day's yuan drop. |
| EURUSD | 2022-04-28 | 5 | -3.1% | -3.9 | Broad dollar strength to near 20-year trade-weighted highs, driven by Fed tightening, the war in Europe and gas cut-off risk, explains the euro's decline against USD. |
| DXY | 2022-04-28 | 5 | +2.5% | 4.3 | Notes the dollar near its highest since 2002 trade-weighted, driven by Fed tightening expectations, war and gas risks, with USD/CNY above 6.60. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-10-30 | [FX Daily: Fed discord delays dollar drop \| ING THINK](https://feedsoft.ai/events/22615-fx-daily-fed-discord-delays-dollar-drop-ing-think.md) | +1.1% | +0.4% |
| 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 | 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 | 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 | 2023-09-28 | [FX Daily: Perfect storm drives dollar stronger still \| articles \| ING THINK](https://feedsoft.ai/events/34306-fx-daily-perfect-storm-drives-dollar-stronger-still-articles-ing-think.md) | +0.1% | +0.2% |
| EURUSD | 2021-06-17 | [FX Daily: The Fed disrupting the calm \| articles \| ING THINK](https://feedsoft.ai/events/6129-fx-daily-the-fed-disrupting-the-calm-articles-ing-think.md) | -1.4% | -2.6% |
| EURUSD | 2021-12-17 | [FX Daily: Key takeaways from a “hawkish” week \| ING THINK](https://feedsoft.ai/events/43789-fx-daily-key-takeaways-from-a-hawkish-week-ing-think.md) | +0.1% | +0.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-dollar-boom/

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