# FX Daily: Too early for a broad dollar downtrend | articles | ING THINK

> Markets sold dollar positions after weaker-than-expected U.S. core inflation and China's easing of Covid restrictions. ING argues a sustained dollar downtrend is premature because the Fed pivot is not yet assured. Fed funds futures now price only 50bp in December and a 4.95% peak rate in 2023.

- Date: 2022-11-11 · published 2022-11-11T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/7564-fx-daily-too-early-for-a-broad-dollar-downtrend-articles-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Continued dollar weakness would lower the cost of dollar-priced feed imports, but uncertainty about the Fed path makes a lasting decline less certain.

## Read by commodity

- DXY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2022-11-14 | 5 | -2.9% | -4.2 | Dollar positions were sold on weak core inflation and China easing, with futures pricing a smaller Fed hike. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-04-28 | [FX Daily: The patient Fed and the “nervous” dollar \| articles \| ING THINK](https://feedsoft.ai/events/47788-fx-daily-the-patient-fed-and-the-nervous-dollar-articles-ing-think.md) | +0.3% | -1.0% |
| DXY | 2023-11-15 | [FX Daily: Dollar bears may have jumped the gun \| articles \| ING THINK](https://feedsoft.ai/events/10101-fx-daily-dollar-bears-may-have-jumped-the-gun-articles-ing-think.md) | -0.9% | -0.2% |
| DXY | 2024-01-24 | [FX Daily: Unwinding the spurious dollar rally \| articles \| ING THINK](https://feedsoft.ai/events/32330-fx-daily-unwinding-the-spurious-dollar-rally-articles-ing-think.md) | -0.4% | -0.1% |
| DXY | 2021-03-04 | [FX: Dollar bounce underwhelms \| articles \| ING THINK](https://feedsoft.ai/events/10066-fx-dollar-bounce-underwhelms-articles-ing-think.md) | +0.7% | +0.9% |
| 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% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-too-early-dollar-downtrend/

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