Slumping greenback bullish for raw commodities

The U.S. dollar index is wilting and hit a 2.5-year low this week. Commodity market traders are watching the depreciating greenback closely, as it’s a bullish element. Most major raw commodities traded on the world market are priced in U.S. dollars. When the dollar weakens it makes those commodities cheaper to purchase in non-U.S. currency. Longer-term technical charts suggest there is more selling pressure coming for the USDX in the coming weeks, or longer. Stay tuned!– Jim