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Commodities

Dollar to Follow Oil Prices Down If Fed Holds Rate

Guavy AI Editorial Team
Instruments
Oil
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The US dollar is expected to follow oil prices if the Federal Reserve keeps interest rates unchanged on Wednesday, according to ING.

The Bloomberg's dollar gauge was trading down less than 0.1% on Wednesday, marking a fourth session where it remained nearly unchanged amidst recent volatility in oil prices.

The correlation between the dollar and Brent crude oil future prices slipped to its lowest level since late March, indicating that the dollar may soon follow oil prices down if the Fed holds rates steady.

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