Nearing An Inflection Point: Watch The USD

Posted by Cam Hui

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If the USD continues to rally, it would be negative for commodity prices. We saw that last week as the USD strengthened across the board against virtually all currencies and commodity prices and deep cyclical stocks struggled. Last week, I highlighted the turnaround in industrial commodity prices as a positive sign for the deep cyclical sectors. The bottom panel also shows the low and negative correlation of industrial commodity prices to the USD.

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