As the yen has weakened, the dollar has shown broader strength. Favorable economic data and central bank easing across the globe has given the dollar relative gains. An externality of this has been weaker commodity prices.The pair below is of United States Oil Fund (USO) over an equal weight DB Commodity Index Tracking Fund (DBC). Oil has picked up steam with an improving global picture, but resistance lies overhead due to various factors. A strong dollar, for one, keeps oil capped from a move much higher. Similarly, an increase in global supply, as announced by OPEC, and the easing of inflation fears out of Australia both signal that commodities may have a tough road ahead in sustaining legitimate breakouts higher.
Global Macro: A Closeup on the Asian Pacific
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