
ING expects the dollar to fall in line with oil prices if the Federal Reserve holds rates on July 29. The Bloomberg dollar gauge had been nearly unchanged and was decoupling from oil, with its 60-day correlation to Brent at its lowest since March.
Swaps priced roughly a 34% chance of a hike, and markets were fully pricing a September hike.
If the dollar tracks lower oil prices after a Fed hold, dollar-denominated commodities could gain support. The reconnection to oil is uncertain, so the effect on prices is limited.
Setelah 1.637 peristiwa makro bearish sebelumnya, Dolar AS (Luas) bergerak median -0,2% selama 5 sesi (39% lebih tinggi; separuh tengah -0,6% sampai +0,3%), dan -0,2% selama 20 sesi.
Setelah 102 peristiwa makro netral sebelumnya, Minyak Mentah (WTI) bergerak median -0,1% selama 5 sesi (49% lebih tinggi; separuh tengah -3,3% sampai +2,5%), dan +1,8% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.