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Dollar Bulls Must Pray For Oil-Price Falls
Investors and analysts are busy at the moment, wondering what higher oil prices might do to the forecast models they've been using to back up their calls on the global economy this year. Hardly surprising, you might think, given that a barrel of benchmark Nymex crude will cost you 10% more now than it did at the start of February. And, whatever a rising oil price is good for, it seems, it will be bad news for the dollar. According to research from Nordea, the trade-weighted dollar index has a rather strong negative rolling six-month correlation with U.S. crude prices, getting on for -0.6. Moreover this inverse ... (full story)
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