As you are aware, the actual timing for a lift-off in US interest rates remains the subject of much debate and speculation. Conversely, the resulting currency depreciation in regions like Europe, Japan and Latin America is seen as growth-enhancing and also assisting, in some cases, with warding off the risk of deflation.
BIS central bankers’ speeches  1  The marked appreciation of the US dollar may, however, revive other concerns. We have seen a very strong correlation between the stronger dollar and weaker commodity prices.