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The DXY US dollar index already seemed to be looking ahead for some slightly more upbeat language on the US economy coming out this week as it rallied 0.4% on Friday. Fed Vice Chairman Stanley Fischer will have given added impetus to some of these US dollar moves after his speech on Sunday. Fischer was very upbeat on the outlook for the US economy stating that he expected investment to pick up imminently and that personal consumption expenditures (PCE) core inflation at 1.6% was within hailing distance of their 2% inflation target.
Given that materials and energy stocks did a lot of the heavy lifting for main stock indices globally last week, the prospect of a noticeable US dollar bounce this week could provide some headwinds for these recent gainers. The oil price, in particular, has had a massive rally, entering a technical bull market last week after rising more than 20% from its recent lows. How commodities fare this week in what could be a strengthening US dollar environment, could tell us a lot about the conviction behind the rally in a lot of spot prices.