Tuesday, June 07, 2016 3:22:12 PM
Crude oil’s negative correlation with the US Dollar Index between September 2007 and April 2013 clearly implies that crude oil had an inverse relationship with the US Dollar Index. However, since April 2013 to date, the one-month correlation has been more bidirectional. In the last three years, the one-month correlation fluctuated between -64% and 43%. This fluctuation could indicate that fundamental drivers like Saudi Arabia’s decision not to cut production, US shale oil producers’ cost and production dynamics, US inventory data, and other fundamental news had a greater impact on crude oil compared to the dollar.
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