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Evil Twins: Commodity Prices and the Strength of the US Dollar

May 27, 2021
Commodity investors have historically recognized a link between the strength of the US dollar and the prices of commodities. Specifically, as the dollar strengthens against other major currencies, commodity prices generally tend to fall, and vice versa.

This paper examines why this may be the case, whether it’s true at the individual commodity level as well as across all commodities, and what it ultimately means for investors.

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Greg Liebl, CFA

Senior Investment Strategist

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