# FX Daily: European pushback supports local currencies | articles | ING THINK

> European central banks pushed back against aggressive rate-cut expectations, while the Fed's shift supported global risk assets. Local currencies gained against the dollar, and EUR/USD reached 1.10 at one point.

- Date: 2023-12-15 · published 2023-12-15T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8297-fx-daily-european-pushback-supports-local-currencies-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

The shift in rate expectations between the Fed and European central banks moves the dollar and currency-driven trade flows, which can change the relative competitiveness of US and European feed exports.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-11-21 | [FX Daily: Renminbi shorts on the run \| articles \| ING THINK](https://feedsoft.ai/events/12028-fx-daily-renminbi-shorts-on-the-run-articles-ing-think.md) | -0.6% | -0.7% |
| DXY | 2023-12-14 | [FX Daily: Fed brings tidings of comfort and joy \| articles \| ING THINK](https://feedsoft.ai/events/8299-fx-daily-fed-brings-tidings-of-comfort-and-joy-articles-ing-think.md) | -1.3% | -1.3% |
| 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 | 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 | 2021-04-28 | [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% |
| EURUSD | 2021-08-31 | [FX Daily: Looking for potential winners from USD stabilisation \| articles \| ING THINK](https://feedsoft.ai/events/45763-fx-daily-looking-for-potential-winners-from-usd-stabilisation-articles-ing-think.md) | +0.5% | -1.0% |
| EURUSD | 2020-04-28 | [EUR & ECB crib sheet \| articles \| ING THINK](https://feedsoft.ai/events/53853-eur-and-ecb-crib-sheet-articles-ing-think.md) | +0.8% | +1.3% |
| EURUSD | 2017-08-30 | [The ECB can do little to stop the euro’s rise \| articles \| ING THINK](https://feedsoft.ai/events/69663-the-ecb-can-do-little-to-stop-the-euro-s-rise-articles-ing-think.md) | -0.7% | -2.3% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-european-pushback-supports-local-currencies/

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