ING Says Dollar to Take Cue from Oil Prices If Fed Holds Rate

ING said the dollar is likely to come under pressure and track moves in oil prices lower if the Federal Reserve keeps interest rates unchanged on Wednesday. In ING’s view, the outcome would weaken the dollar’s support and make crude a key driver of currency direction. On Wednesday, Bloomberg’s dollar gauge was down less than 0.1%, marking a fourth straight session where it was either nearly flat or showed only minimal change. ING noted the gauge appeared largely insulated from recent market shifts, but could still react to the Fed decision.