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.
While this is in part a logical consequence as the US dollar is the currency of denomination for trading in many commodities, the firming in the US currency appears to have contributed to an unwinding of long speculative positions in commodity futures, which has possibly exacerbated the overall price decline.