Dollar Doldrums Leads To Commodity Streak
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Jason Goepfert
Published: 2018-01-03 at 16:09:39 CDT
This is an abridged version of our Daily Report.
Dollar doldrums
The dollar has only been able to rise twice in nearly three weeks, tied for its worst streak since it entered its trading range in 2015.
Similar selloffs since then have led to quick rebounds, but longer-term history is mixed and not suggestive of a lasting mean-reversion rally.
One man’s trash…
The broader commodity market has a strong inverse correlation to the dollar, so its slump has coincided with big positive streaks in some contracts. The index underlying a popular commodity ETF has rallied for 10 straight days, its 3rd-longest in 30 years.
Jumping into tech
The Nasdaq Composite rose more than 1% to a 52-week high on the first day of a new year 3 other times (2000, 2010, and 2011).
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The post titled Dollar Doldrums Leads To Commodity Streak was originally published as on SentimenTrader.com on 2018-01-03.
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