We're seeing the U.S. dollar break down versus the euro (top chart) and oil (bottom chart) break to the upside, with gold making multi-week highs as well.
With low interest rates and rising national debt, the dollar is not as attractive as a currency, with several countries expressing interest in further diversifying their reserves. With the Fed contemplating further "quantitative easing", the market fears that the dollar printing press will be working overtime. That is lending support to commodities denominated in dollars.
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