The U.S. dollar saw a stunning spiral downward This kind of year, currently tracking for its worst since 2003.
One strategist closely looking at the dollar’s technical setup says the greenback’s current levels are at a key juncture.
Matt Maley, equity strategist with Miller Tabak, breaks down possible scenarios for the dollar as This kind of trades near these levels. Here’s his take:
• The dollar has fallen more than 9 percent This kind of year, in addition to on Thursday saw a move below a key line of support extending back to September. A move lower coming from here, just below the 93 mark, could prove positive for emerging markets in addition to commodities.
• Should the dollar move lower still, below its late November lows of 92.5, This kind of might be quite negative on a technical basis.
• Commodities will be of particular concern, given the recent leg higher seen in crude oil, gold, copper in addition to silver.
• This kind of will matter for the broader market, too, as shares of commodity-related firms appear under-owned.