# FX Daily: A dollar downturn lacks the rate ingredient | ING THINK

> ING says the post-midterm dollar correction needs wider rate differentials to become a sustained downturn. Oil's 8% fall moved euro, sterling and NZD two-year swaps more than US rates, which ING says argues against chasing the dollar much lower.

- Date: 2026-11-05 · published 2026-11-05T09:08:24.176Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/81452-fx-daily-a-dollar-downturn-lacks-the-rate-ingredient-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

Currency moves feed into feed-ingredient import costs for buyers outside the US, and the weaker-dollar outlook is a modest support for dollar-priced commodities. Falling oil also lowers biofuel and freight cost pressure.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## 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 | 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 | 2020-04-27 | [FX Daily: Falling interbank rates should drag the dollar lower \| articles \| ING THINK](https://feedsoft.ai/events/53819-fx-daily-falling-interbank-rates-should-drag-the-dollar-lower-articles-ing-think.md) | -0.8% | -1.5% |
| DXY | 2022-11-11 | [FX Daily: Too early for a broad dollar downtrend \| articles \| ING THINK](https://feedsoft.ai/events/7564-fx-daily-too-early-for-a-broad-dollar-downtrend-articles-ing-think.md) | -0.7% | -1.6% |
| DXY | 2023-01-17 | [The downturn in the dollar is not just about rates](https://feedsoft.ai/events/37975-the-downturn-in-the-dollar-is-not-just-about-rates.md) | -0.0% | +0.7% |
| EURUSD | 2020-04-27 | [FX Daily: Falling interbank rates should drag the dollar lower \| articles \| ING THINK](https://feedsoft.ai/events/53819-fx-daily-falling-interbank-rates-should-drag-the-dollar-lower-articles-ing-think.md) | +1.9% | +0.9% |
| EURUSD | 2018-01-29 | [G10 FX Week Ahead: State of the dollar \| ING THINK](https://feedsoft.ai/events/67209-g10-fx-week-ahead-state-of-the-dollar-ing-think.md) | +0.2% | -1.0% |
| EURUSD | 2023-07-14 | [FX Talking July: The dollar’s break point \| reports \| ING THINK](https://feedsoft.ai/events/9981-fx-talking-july-the-dollar-s-break-point-reports-ing-think.md) | -0.5% | -1.6% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-a-dollar-downturn-lacks-the-rate-ingredient/

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