Dollar May Follow Oil Prices Down If Fed Keeps Rates Unchanged

The US dollar may follow the downward trend of oil prices if the Federal Reserve keeps interest rates unchanged, according to ING.

The Bloomberg's dollar gauge has been trading nearly unchanged for four consecutive sessions, despite recent volatility in oil prices. The correlation between the Bloomberg Dollar Spot Index and Brent crude oil future prices has slipped to its lowest level since late March.

This could be a sign that the dollar is becoming more closely tied to oil prices, which could have implications for investors and traders.